GoI’s Fiscal Landscape: Robust Accumulation Of Rs 15.9 Tn Till October 2023 Signals Strong Economic Management
The Government of India has amassed a total of Rs 15,90,712 crore up to October 2023, constituting a significant 58.6 per cent of the corresponding Budget Estimates (BE) for the fiscal year 2023-24.
This has been stated in the latest consolidated monthly account of the Union Government of India, spanning up to October 2023, has been meticulously examined and the reports have been officially unveiled.
According to the official data released in the report, up to October 2023, the Government of India has accumulated a sum of Rs 15,90,712 crore, making up a substantial 58.6 per cent of the corresponding Budget Estimates (BE) for the fiscal year 2023-24.
This monetary intake is specifically divided into Rs 13,01,957 crore derived from Tax Revenue (Net to Centre), Rs 2,65,765 crore from Non-Tax Revenue, and Rs 22,990 crore from Non-Debt Capital Receipts.
Within the ambit of Non-Debt Capital Receipts, a noteworthy Rs 14,990 crore has been realised through the Recovery of Loans, while an additional Rs 8,000 crore is attributed to Miscellaneous Capital Receipts.
Devolution to State Governments
The Government of India has actively transferred Rs 5,28,405 crore to State Governments as part of the Devolution of Share of Taxes during this period. This represents a substantial increment of Rs 93,966 crore compared to the corresponding period in the previous fiscal year, underscoring a significant commitment to bolster state finances.
Expenditure:
The Union Government's total expenditure for the period stands at Rs 23,94,412 crore, accounting for 53 per cent of the corresponding Budget Estimates for the fiscal year 2023-24. This extensive spending is further classified into Rs 18,47,488 crore on Revenue Account and Rs 5,46,924 crore on Capital Account.
Of the total Revenue Expenditure, a substantial Rs 5,45,086 crore has been allocated for Interest Payments, reflecting a significant financial commitment. Additionally, Rs 2,31,694 crore has been earmarked for Major Subsidies, indicating a strategic focus on sectors requiring fiscal support.
These financial indicators provide a comprehensive snapshot of the Union Government's fiscal performance up to October 2023. The robust revenue collection, increased devolution to State Governments, and strategic allocation of expenditures underscore a balanced approach towards economic management. As the fiscal year progresses, continued monitoring of these financial dynamics will be crucial to ensuring sustainable economic growth and fiscal stability.
