Fiscal deficit for 2023-24 likely to beat projections: Report

India's fiscal deficit for fiscal year ending March 2024 is expected to outperform government's initial projection of Rs 17.35 lakh crore, according to a government source.

source, who preferred to remain anonymous, disclosed that "extra tax receipts and some non-tax revenues" have contributed to this improvement in fiscal deficit outlook. official me se remarks to reporters in New Delhi.

official announcement regarding fiscal deficit for 2023-24 financial year is scheduled for May 31.

Income tax receipts surged by 17.7 per cent year-on-year to nearly $235 billion in 2023-24, surpassing government's expectations.

government has targeted a fiscal deficit of 5.8 per cent of GDP for mentioned financial year. However, official did not provide specific details regarding wher fiscal deficit as a percentage of GDP would also fall below target.

Despite ongoing elections, government’s spending plans for April-June remain unaffected, as indicated by source. However, furr details regarding this assertion were not provided.

ditionally, government will assess necessity for anor round of buying back government securities, following central bank's recent acceptance of offers to purchase government bonds worth Rs 10,510 crore at an auction on Thursday, against notified amount of Rs 40,000 crore.

(With Reuters inputs)