Economy of country crumbles due to COVID-19, fiscal deficit recorded as 12.34 lakh crore

New Delhi: The government's earnings have been reduced due to stalled economic activities due to corona infection. Due to this, the fiscal deficit is continuously increasing. In fact, the government now has to spend more to get the economy back on track. This is why it is becoming difficult to control the fiscal deficit.

According to the media report, by the end of the current financial year (2020-21), the fiscal deficit of the central government has reached Rs 12.34 lakh crore. This is about 66.8 percent of the revised budget estimate. In the last financial year 2019-20, by the end of January, the fiscal deficit had reached almost 128.5 percent of the revised estimate. The figure has been released by the Controller General of Accounts (CGA) on Friday. According to the data released by the CGA, the fiscal deficit could reach 9.5 percent of GDP, or about Rs 18.48 lakh crore by the end of the current financial year, 31 March 2021. According to the CGA, the fiscal deficit till the end of January stood at Rs 12,34,004 crore in the current financial year.

Last year, the lockdown was implemented across the country to prevent the infection of coronavirus. Due to this, economic and business activities had a very wide impact. Due to this, the revenue of the government was reduced. The gap between expenditure and revenue for the current fiscal year or the annual target of fiscal deficit was exceeded only in July 2020. The government received Rs 12.83 lakh crore by January 2021, which is about 80 percent of the revised estimate. It has a tax revenue of 11.01 lakh crore.

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