New Delhi: India's fiscal deficit for the first seven months of the 2024-25 financial year reached 46.5% of the full-year target, according to data released by the Controller General of Accounts (CGA) on Friday.

In absolute terms, the fiscal deficit—the gap between the government's expenditure and revenue—amounted to Rs 7.51 lakh crore during the April-October period.

This compares to 45% of the Budget Estimates (BE) recorded during the same period in the previous fiscal year.

As outlined in the Union Budget, the government aims to reduce the fiscal deficit to 4.9% of gross domestic product (GDP) in 2024-25, down from 5.6% of GDP in 2023-24.

The absolute target for this fiscal year has been set at Rs 16.13 lakh crore.

Data for the April-October period shows that net tax revenue stood at approximately Rs 13 lakh crore, representing 50.5% of the full-year budget estimate, slightly lower than the 55.9% recorded by September-end in 2023.

Total expenditure for the central government during the seven-month period was Rs 24.7 lakh crore, or 51.3% of the budget estimate, compared to 53.2% during the same period last year.

Of this, Rs 20 lakh crore was allocated to the revenue account, and Rs 4.66 lakh crore was for the capital account.

Fiscal deficit reflects the government’s borrowing needs, being the difference between total expenditure and revenue.