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In the first half of the fiscal year 2023-24, India's fiscal deficit, amounting to a staggering ₹7.02 lakh crore, made up 39.3% of the annual projection. As per the government data unveiled on Tuesday, the government is aiming to curtail the fiscal deficit to 5.9% of the gross domestic product (GDP), down from the previous year's 6.4%, in an effort to optimize fiscal management and achieve fiscal consolidation. During the current financial year, the center has set a target of bringing down the fiscal deficit to 6.4% from the last financial year's 6.71% (₹17.87 lakh crore). This time around, they are resolutely keen on achieving the 5.9% goal, aiming to keep their tax revenue on track while ensuring fiscal consolidation.

The government managed to collect ₹11.60 lakh crore in taxes, representing 49.8% of their annual target. This marks a significant financial feat, considering that during the same period in the previous fiscal year, the government had only collected 52.3% of the annual Budget Estimate (BE), showcasing their efficient tax management. In terms of expenditures, the central government spent ₹21.19 lakh crore in the first half of the fiscal year 2023-24, which is marginally higher than the 46.2% of the Budget Estimates for the previous year. In an ardent effort to meet the new fiscal deficit target and ensure fiscal consolidation, the government is diligently managing its finances, keeping a close watch on both tax revenues and expenditures to ensure they align with their ambitious fiscal goals for the year.