Tuesday, February 7, 2023
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Fiscal Deficit: Government’s fiscal deficit of Rs 3.52 lakh crore in the first quarter of 2022-23

Fiscal Deficit: Due to the reduction in excise duty on petrol and diesel, there has been a tremendous increase in the fiscal deficit of the central government. The fiscal deficit of the central government during the first quarter April to June of the financial year 2022-23 has been Rs 3.52 lakh crore, which is 21.2 percent of the target for the entire financial year. The Controller General of Accounts has released these figures.

Fiscal deficit increased by more than 28 percent
According to the data released, the fiscal deficit between April and June in the first quarter of 2022-23 has been Rs 3.52 lakh crore, while the financial loss in the first quarter of 2021-22 was Rs 2.74 lakh crore. According to that, the financial loss in the first quarter of this year is 28.3 percent more than the previous year. In June 2022 only the fiscal deficit has been Rs 1.48 lakh crore. The government has set a fiscal deficit target of Rs 16.61 lakh crore for 2022-23.

Government’s reduced revenue
The major reason for the increase in the fiscal deficit of the government is the steps taken by the government to check inflation. On 21 May 2022, when the government decided to reduce the excise duty on petrol and diesel, the government had also decided to increase the fertilizer subsidy to give relief to the farmers, besides giving two cylinders free of cost to the beneficiaries of Pradhan Mantri Ujjwala Yojana. Apart from this, the period of giving free food grains under the Pradhan Mantri Garib Kalyan Yojana was extended till 30 September 2022. These decisions have had an impact on the revenue of the government, due to which the fiscal deficit has increased. According to an estimate, excise duty cut in 2022-23 may impact revenue of Rs 80,000 crore.

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