Controller General of Accounts has released data on India's fiscal deficit .Which of the following statements is/are incorrect with respect to India’s fiscal deficit ?

I.According to the data released by the Controller General of Accounts, India's fiscal deficit in the first five months of the financial year 2023-24 (FY24) stood at Rs 6.42 trillion, 36 per cent of the full-year target of Rs 18.99 trillion.

II.The primary deficit, which shows fiscal deficit without the interest payment, stood at Rs. 3.90 trillion, 38.9 per cent of the full-year target of Rs 7.06 trillion.

III.Moreover, the revenue deficit at Rs 2.84 trillion was 32.7 per cent of the full-year estimate of Rs 8.70 trillion.

Solution

According to the data released by the Controller General of Accounts, India's fiscal deficit in the first five months of the financial year 2023-24 (FY24) stood at Rs 6.42 trillion, 36 per cent of the full-year target of Rs 17.87 trillion.The primary deficit, which shows fiscal deficit without the interest payment, stood at Rs 2.75 trillion, 38.9 per cent of the full-year target of Rs 7.06 trillion.Moreover, the revenue deficit at Rs 2.84 trillion was 32.7 per cent of the full-year estimate of Rs 8.70 trillion. The net tax revenue in the April-August period was Rs 8.04 trillion.The corporate tax collections rose over 15 per cent year-on-year to Rs 2.39 trillion.Also, the total expenditure during the period was Rs 16.72 trillion. It was 37.1 per cent of the annual goal, higher than the Rs 13.90 trillion in the same period last year.