The finance ministry will begin daily monitoring of revenue receipts, including tax collections, and expenditures on March 15 in order to keep the government deficit within specified limits.
The action comes amid speculation that LIC's initial public offering (IPO), which was planned to raise over Rs 60,000 crore, could be postponed to the following financial year due to the continuing Russia-Ukraine conflict and its impact on Indian markets. The finance ministry will begin daily monitoring of revenue receipts, including tax collections, and expenditures on March 15 in order to keep the government deficit within specified limits.
The likely postponement of the LIC IPO, combined with the additional cost of bringing back Indians stranded in Ukraine, will put pressure on the fiscal deficit, which has already been boosted to 6.9% of GDP in the Revised Estimates (RE) from 6.8% previously. The government has collected Rs 15.47 lakh crore in net tax income, accounting for 87.7% of the full-year target of Rs 17.65 lakh crore.
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