Global Economy

Govt spent 80% of revised FY24 capex outlay



New Delhi: The government has spent 80% of its revised FY24 budgetary allocation for capital expenditure and 79% of revenue spending until January, a senior official said on Monday, exuding confidence that the revised fiscal deficit target of 5.8% of gross domestic product (GDP) will be met this financial year. In the revised estimate for FY24, the government pegged its budgetary capex outlay at ₹9.5 lakh crore and revenue spending at ₹35.4 lakh crore.

The official said the collections under various small savings scheme remain healthy this fiscal and will be in sync with the revised estimate. The net mop-up for senior citizens breached ₹90,000 crore as of end-January this fiscal, way above that of ₹37,362 crore in the whole of FY23. The surge is mainly driven by the 2023 Budget move to double the deposit limit under the scheme to₹30 lakh.

The collection through the monthly income scheme accounts has risen four-fold on year to about ₹20,000 crore.

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