During the first half (April-September) of the current financial year, the government has spent Rs 18.24 lakh crore. Its revenue during this period has been 12.03 crores. With this, the fiscal deficit has increased to Rs 6,19,849 crore on a year-on-year basis. 5.27 lakh crore a year ago.
According to the data released by the Controller General of Accounts on Monday, it is 37.3% of the full-year target while it is 35% of the budget estimate. The difference between the government's receipts and its expenditure is called a fiscal deficit. The government got a total revenue of Rs 12.03 lakh crore during this period, which includes tax.
It is 9.5% higher on a year-on-year basis as compared to 52.7% of the budget estimate. The share of tax in the total amount this year was Rs 10.11 lakh crore, which is 52.3% of the budget estimate. The expenditure of the central government during this period has been 46.2% of the budget estimate for 2022-23. The government has projected a fiscal deficit of Rs 16.61 lakh crore for 2022-23.
8 core sectors output up 7.9% in September
The country's economy has been booming since September. According to the data of the Union Ministry of Commerce and Industry, the output of eight major sectors of the country increased by 7.9% in September due to the better performance of the government's coal, fertilizer, cement, and electricity. The growth rate of these industries in the same period a year ago was 5.4%. It was 4.1% in August this year.
All production grew 9.6% in the first half. It was up 16.9% in the same half of the previous fiscal. Core sectors are the main industries of the economy of any country. These include coal, crude oil, natural gas, refinery products, manure, steel, cement, and electricity.
Estimated expenditure of 40 lakh crores in the whole year
Out of the total loss amount, Rs 4.36 lakh crore was on interest payment and Rs 1.98 lakh crore was part of a large subsidy. The government has done most of the expenditure in the September quarter. Many economists believe that the government's expenditure can exceed Rs 40 lakh crore this year, which will be 4 percent more than a year ago. Subsidies are being spent more.
The growth rate next year will be higher than IMF's estimate
Chief Economic Adviser V Anantha Nageswaran has said that India's growth rate next year will be higher than the International Monetary Fund (IMF) estimates. The IMF has forecast a growth rate of 6.8 percent this year and 6.1 percent next year. Nageswaran said he expects the growth rate to be much higher than this estimate in the coming years.
India's economy will perform better after a decade of sluggishness. He said that the public digital infrastructure has crossed a stage and it will formalize the country's economy and contribute to a higher growth rate. In such a situation, the basic figure of six percent may increase by 0.5-0.8 percent, he said. Fiscal policy and monetary policy are generally in sync with each other.
Supply of new houses may increase by 44% this year
The supply of new houses may increase by 44 percent this year. A total of 3.4 lakh units can be produced in the top seven cities of the country. According to a report, 2.65 lakh houses have been launched in seven cities from January to September.
These include Delhi-NCR, Mumbai, Bangalore, Pune, Chennai, Hyderabad, and Kolkata. The current trend suggests that the launch of new houses will pick up.
In Delhi-NCR, the choice of houses below Rs 80 lakh has been the most. A total of 40,053 houses were sold in NCR in 2021. A total of more than 1.58 lakh houses were built from 2017 to 2021. The report said that Signature Global has done well in these areas. Its share in the total houses has been 9% between 2019 and 2021.
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