Govt. meets 4.8% fiscal deficit target for 2024-25
The Government of India has met its fiscal deficit target of 4.8% of GDP in 2024-25 though its total receipts came in slightly lower than what it had expected, according to data released by the Controller General of Accounts on Friday.
The Centre's total revenue — counting tax, non-tax, and capital receipts — came in at ₹30.78 lakh crore in 2024-25 or 97.8% of its revised estimates for the year. Total expenditure stood at ₹46.55 lakh crore, also 97.8% of the estimates.
The fiscal deficit, the difference between total expenditure and total revenue, at ₹15.77 lakh crore, stood at 4.8% of GDP based on the latest provisional estimates of GDP for the year released separately on Friday.
As part of the government's fiscal consolidation glide path, Finance Minister Nirmala Sitharaman had, in her Budget speech in February, targeted a fiscal deficit of 4.4% of GDP in the current financial year 2025-26.
Digging deeper, the data shows that total revenue fell short of the revised estimates due in large part to a shortfall in miscellaneous capital receipts, a Budget head that includes disinvestment proceeds. Compounding this was a minor shortfall in tax revenue.
The government earned ₹17,202 crore as miscellaneous capital receipts which was just 52.1% of its revised projections for the year. Data from the Department of Investment and Public Asset Management showed that the government earned ₹10,131.32 crore from disinvestments in 2024-25.
Net tax receipts stood at ₹24.99 lakh crore in 2024-25, 97.7% of what the government expected. Notably, the provisional data shows that corporate tax collections beat the government's estimate, while income tax collections fell short.
Corporate tax collections stood at ₹9.87 lakh crore in 2024-25, 0.7% higher than the revised estimates for the year. Income tax collections, on the other hand, at ₹11.83 lakh crore, were nearly 6% lower than estimates.
On the expenditure side, capital expenditure, which is the money spent on asset creation, stood at ₹10.52 lakh crore, at 103.3% of the government's estimate for the year. Revenue expenditure, which includes salaries, pensions, interest payments, and subsidies, stood at ₹36.03 lakh crore, about 2.5% lower than estimated.
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