April-Oct fiscal deficit at 46.5% of full-year target

India’s fiscal deficit in the first seven months of the ongoing financial year stood at ₹7.5 lakh crore or 46.5% of the full year target, shows the ministry of finance data.

Fiscal deficit, the difference between government’s revenue and expenditure, stood at 45% of the Budget Estimate in the corresponding period of 2023-24.

“The Government of India has received ₹17,23,074 crore (53.7% of corresponding BE 2024-25 of Total Receipts up to October, 2024, comprising ₹13,04,973 crore Tax Revenue (Net to Centre), ₹3,99,294 crore of Non-Tax Revenue and ₹18,807 crore of Non-Debt Capital Receipts,” says the finance ministry.

₹7,22,976 crore has been transferred to state governments as devolution of share of taxes by Government of India up to this period which is ₹1,94,571 crore higher than the previous year, it says.

Total expenditure incurred by the government is ₹24,73,898 crore (51.3% of corresponding BE 2024-25), out of which ₹20,07,353 crore is on revenue account and ₹4,66,545 crore is on capital account. Out of the total revenue expenditure, ₹5,96,347 crore is on account of interest payments and ₹2,48,670 crore is on account of major subsidies.

India’s core sector output rises 3.1% in October

The combined index of India’s eight core industries rose 3.1% year-on-year in October. The production of coal, refinery products, steel, cement, electricity and fertilisers recorded positive growth in October 2024, the ministry of commerce and industry says.

The index measures the combined and individual performance of production of eight core industries viz. coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

The cumulative growth rate of the Index of Eight Core Industries during April to October, 2024-25 is 4.1% (provisional) as compared to the corresponding period of last year.

Coal production (weight: 10.33 per cent) increased by 7.8% in October, 2024 over October, 2023. Crude Oil production declined by 4.8% in October, 2024 over October, 2023. Natural Gas production declined by 1.2% in October, 2024 over October, 2023. Petroleum Refinery production increased by 5.2% in October, 2024 over October, 2023. Fertilizer production (weight: 2.63 per cent) increased by 0.4% in October, 2024 over October, 2023. Steel production increased by 4.2% in October, 2024 over October, 2023. Cement production increased by 3.3% in October, 2024 over October, 2023.