Government revenue up to November 2022 stood at £14.2bn – 64.6% of budget estimates – of which £12.2bn was net tax revenue while £1.98bn was non-tax revenue. Non-leveraged capital income through November 2022 was ₹41,481 crore, 52.3% of the full year target versus 11% in the same period last year.
The government’s revenue deficit to November 2022 was recorded at 5.7 lakh crore, 57.8% of the full year target of 9.9 lakh crore, while the primary deficit was 60.1% of the full year target of 4.3 lakh crore.
This month, the finance minister said in parliament that the budget deficit remained well below the five-year moving average for the first half of the current fiscal year (April-September), reflecting fiscal inflation observed during the period.
This department’s semi-annual review showed that the budget deficit for the first half of FY23 was about 6.20 lakhcrore, which was about 37.3% of the Budget Estimate (BE) 2022-23 and well below the five-year rolling average of 85.8%.
It should be noted that in the first half of the current fiscal year, tax revenue (net to mid) came in at 52.3% of the budgeted amount, well above the past five-year moving average of 41.6% of the budgeted budget, the ministry said specified. On the expenditure side, total expenditures from revenue spending and capital spending in the first half of fiscal 2022-23 amounted to about 18.24 lakhcrore, or 46.2% of the budget estimate, according to the ministry.
