India Economic Survey 2023: Government’s earnings increased by 15.5 percent, treasury deficit also decreased, now expenditure on schemes is increasing

New Delhi. Finance Minister Nirmala Sitharaman presented the Economic Survey 2023 in Parliament on Tuesday. In the survey, during the financial year 2023-24, the country’s GDP growth rate has been estimated to be 6 to 6.8 percent. It has been told in the Economic Survey that from April to November 2022, there has been a jump of 15.5 percent in the gross tax revenue of the country. At the same time, the country’s capital expenditure also increased. The capex of the central government has increased from the long-term average of 1.7 percent of GDP to 2.5 percent of GDP in FY22. Fiscal deficit reduced to 6.7 percent in the financial year 2022. In the financial year 2023, GDP is estimated to reach 6.4 percent.

In the Economic Survey, the government has said that the central government is on track to achieve the budget estimates to meet the fiscal deficit in the financial year 2023. The growth in direct taxes in the first eight months of the year has been much higher than their long-term average. The central government has increased the borrowing limit of the states to promote capital expenditure.

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increase gross tax revenue
It has been told in the Economic Survey that from April to November 2022, there has been a jump of 15.5 percent in the gross tax revenue of the country. Gross tax revenue has increased due to increase in direct taxes and GST collection. The gross GST collection from April to December 2022 was Rs 13.40 crore. In this way, it has increased by 24.8 percent on an annual basis. There has been a steady growth in GST collections in all the months during the current financial year with an average monthly collection of Rs 1.5 lakh crore. The number of GST taxpayers was 70 lakhs in the year 2017, which has increased to more than 1.4 crores in the year 2022. The Economic Survey states that direct taxes account for half of the gross tax revenue. From April to November 2022, direct tax has increased by 26 percent on an annual basis. At the same time, there has been an increase of 8.5 percent in indirect tax on annual basis.

Decreasing fiscal deficit
In the Economic Survey (India Economic Survey 2023), the government has told that the fiscal deficit is coming in the fiscal year 2021. The fiscal deficit was 9.2 percent of the GDP in the fiscal year 2022, which decreased to 6.7 percent. In the financial year 2023, GDP is estimated to reach 6.4 percent. The gradual decline in fiscal deficit is the result of increased revenue collection in the last two years and careful fiscal management.

If the expenditure on schemes increases, the growth rate will be faster.
A target has been set to increase capital expenditure to 2.9 per cent of GDP in the financial year. For the financial year 2023, the government had set a target of 7.5 lakh crore capital expenditure. From April to November 2022, more than 59.6 percent of this had been spent. The Economic Survey has expressed hope that during the current financial year (FY23), the central government will meet the capital expenditure (CAPEX) target of Rs 7.5 lakh crore. The government had fixed this target for capex in the last budget.

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