As the financial year 2023-24 unfolds, it’s essential to keep a close eye on the financial health of the Union Government of India. In the Monthly Account review up to September 2023, some noteworthy highlights and insights have emerged. Let’s delve into these key aspects:
Steady Inflow of Funds:
- The Government of India has seen a robust inflow of funds, with ₹14,17,278 crore received, representing a significant 52.2% of the corresponding Budget Estimates (BE) for 2023-24. This figure comprises ₹11,60,340 crore from Tax Revenue (Net to Centre), ₹2,36,772 crore from Non-Tax Revenue, and ₹20,166 crore from Non-Debt Capital Receipts. The Non-Debt Capital Receipts include the Recovery of Loans amounting to ₹13,216 crore and Miscellaneous Capital Receipts of ₹6,950 crore.
Empowering State Governments:
- An important facet of this financial review is the substantial transfer of ₹4,55,444 crore to State Governments as Devolution of Share of Taxes, reaching up to September 2023. This amount is impressively ₹79,338 crore higher than the previous year, emphasizing the Union Government’s commitment to empowering State Governments.
Prudent Expenditure Management:
- In the same period, the Government of India has incurred a total expenditure of ₹21,19,139 crore, which accounts for 47.1% of the corresponding Budget Estimates for 2023-24. This spending is categorized into ₹16,28,511 crore on the Revenue Account and ₹4,90,628 crore on the Capital Account. Within the ambit of Total Revenue Expenditure, ₹4,84,329 crore is attributed to Interest Payments, while ₹2,06,396 crore is allocated for Major Subsidies.
This monthly review of the Union Government’s accounts provides a comprehensive snapshot of the nation’s fiscal landscape. It showcases a balanced inflow of funds, enhanced support