The Modi Government’s fiscal deficit stood at Rs 2.74 lakh crore or 18.2 percent of the full year’s Budget estimate at the end of June, according to data released by the Controller General of Accounts (CGA). The fiscal deficit at the end of June 2020 was 83.2 percent of the Budget Estimates (BE) of 2020-21.
The fiscal deficit or the gap between expenditure and revenue for 2020-21 was 9.3 percent of the Gross Domestic Product (GDP), better than 9.5 percent projected in the revised estimates in the Budget in February.
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The government received Rs 5.47 lakh crore (27.7 percent of corresponding BE 2021-22 of total receipts) up to June 2021.
The amount comprises Rs 4.12 lakh crore of tax revenues, Rs 1.27 lakh crore of non-tax revenues, and Rs 7,402 crore of non-debt capital receipts. The receipts were 6.8 percent of BE at the end of June 2020.
Non-debt Capital Receipts
Non-debt capital receipts consist of the recovery of loans worth Rs 3,406 crore and disinvestment proceeds of Rs 3,996 crore.
Further, Rs 1,17,524 crore was transferred to state governments as devolution of share of taxes by the Government of India up to June 2021.
Out of the total revenue expenditure, Rs 1.84 trillion was for interest payments, and about Rs 1 trillion was on account of major subsidies.