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April-July fiscal deficit reaches 21.3% of FY22 target
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SME Times News Bureau | 31 Aug, 2021
India's April-July budgetary fiscal deficit reached 21.3 per cent of the FY22 target, official data showed on Tuesday.
The
fiscal deficit -- the difference between revenue and expenditure -- for
the April-June 2021-22 period stood at Rs 321,143 crore, or 21.3 per
cent of the budget estimates (BE).
The FY22 deficit has been pegged at Rs 15.06 lakh crore.
Besides,
the CGA data showed that the fiscal deficit during the corresponding
months of the previous fiscal was 103.1 per cent of that year's target.
The
Central government's total expenditure stood at Rs 1,004,440 crore
(28.8 per cent of BE) while total receipts were Rs 683,297 crore (34.6
per cent of BE).
"With a healthy rise in receipts amid a
discouraging decline in total spending driven by the non-interest
non-subsidy component of revenue expenditure, the government of India's
fiscal deficit printed at a modest Rs 3.2 trillion in April-July 2021,
relative to the year-ago level of Rs 8.2 trillion recorded amid the
first wave of Covid-19, as well as the pre-Covid level of Rs 5.5
trillion," said Aditi Nayar, Chief Economist, ICRA.
"We expect
the benign, albeit lacklustre, fiscal print to prolong the softening in
G-sec yields seen after the Fed delinked the timeline for tapering from
that for rate hikes. As expected, a normalising base has pulled down the
YoY growth in tax revenues to 49 per cent in the month of July 2021
from 97 per cent in Q1 FY2022, although the pace of expansion remains
rather promising," Nayar added.
According to Devendra Kumar Pant,
Chief Economist, India Ratings & Research: "Gross tax revenue
collection performance in FY22 until July 2021 has remained strong.
While weak performance of FY21 contributed towards higher growth rate.
"Sharp
increase in revenue and contractionary non-interest revenue expenditure
has resulted in fiscal deficit at end-July 2021 at INR 3,211.43
billion, lowest in last nine years. India Ratings expects FY22 fiscal
deficit to be lower than the budget estimate at 6.6 per cent of GDP."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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