Executive Summary
This report presents a concise analysis of the Government of India’s fiscal performance up to November 2023. Key findings include the achievement of 65.35% in revenue receipts within seven months, driven largely by non-tax revenues at 94.27% of their budgetary estimate. Fiscal deficit management is commendable, maintaining within the Rs 17.87 Lakh Cr target. GST collection is a high point in tax revenues, reaching 74.4% of the previous year’s total. However, non-debt capital receipts and certain expenditure sectors like defense and fertilizers show significant fund utilization. The report also highlights the importance of considering notional values, particularly in BSNL’s spectrum allocation, for a more accurate fiscal assessment. Overall, the government demonstrates a strategic balance between growth-oriented expenditure and fiscal prudence.
Introduction
At the dawn of the new year, it’s an opportune time for a thorough review of the Government of India’s financial performance, particularly how it aligns with its budgetary projections. This note intends to conduct an in-depth analysis of the latest financial data released last Friday. We’ll not only scrutinize the current figures but also draw graphical comparisons with the performance of the previous year. Utilizing a range of charts, we aim to comprehensively understand the areas where performance excels and identify where there are gaps, highlighting potential avenues for improvement. This analysis will shed light on which sectors have excelled and those needing further attention to ensure their lagging does not adversely impact the overall fiscal health. Let’s embark on this insightful journey of analysis.
