The union budget had projected a fiscal deficit of 6.8 per cent of GDP for this fiscal ending in March 2022.

There has been a definite uptick in tax collections and government's revenues till September and the gross tax revenue (GTR) at the end of September 2021 was ₹11,83,808 crore, it said.

Increasing the buoyancy of tax revenue through improved compliance, mobilisation of resources through monetisation of assets, improving efficiency and effectiveness of public expenditure etc. are the important measures directed towards this goal, the report said.  

The fiscal deficit of ₹5,26,851 crore in the first half of this fiscal was about 35 per cent of the budget estimate, it said. Lower fiscal deficit during H1 implies that the economy is, slowly but surely, getting back on the rails, the ministry report was quoted as saying by Indian media outlets.

Better fiscal results are expected with the increased momentum of the economic recovery in the second half the current financial year, it said.

Fibre2Fashion News Desk (DS)