Delhi CM presented the FY24 finance report, revealing a 55% decline in the city's revenue surplus compared to the previous fiscal year.
The drop was attributed to a rise in government expenditure and slower-than-expected revenue growth.
Despite the decline, the report highlighted continued investment in welfare schemes, education, and infrastructure development.
Delhi CM Tables FY24 Finance Report in Assembly; Revenue Surplus Drops 55%
The fiscal report highlights a significant fall in Delhi’s revenue surplus amid rising expenditure and slower income growth.
Delhi CM, Rekha Gupta Twitter
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The revenue surplus of the Delhi government under AAP rule in 2023-24 declined by 55% as compared to the preceding fiscal, said a CAG report tabled in the Monsoon session of the assembly by Chief Minister Rekha Gupta on Monday.
Gupta tabled the Comptroller and Auditor General (CAG) reports on 'Finance Accounts and Appropriation Accounts of the Delhi for the year 2023-24.
The report pointed that although the revenue receipts of the government dropped, the gross state domestic product (GSDP) at current prices grew at an average pace of 8.79% during the last five years from ₹7.93 lakh crore in 2019-20 to ₹11.08 lakh crore in 2023-24.
There was 9.17% growth in GSDP in 2023-24 from the previous year 2022-23. Also, the budget outlay of Delhi increased at an average growth rate of 7.14% from ₹64,180.68 crore in 2019-20 to ₹81,918.23 crore in 2023-24, said the report.
It further said the revenue surplus of Delhi government in 2023-24 decreased from ₹14,457 crore to ₹6,462 crore, registering a fall of 55.30% over 2022-23.
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The fiscal deficit, however, went down from ₹4,566 crore in 2022-23 to ₹3,934 crore in 2023-24, it said.
The report of the CAG on the finances of the Delhi government for the year 2023-24, provided an overview of its finances, budgetary management and quality of accounts, financial reporting practices.
The report noted a receipt-expenditure mismatch indicating rising fiscal stress.
The report further showed that the Delhi government's revenue expenditure between 2019-20 and 2023-24 increased from ₹39,637 crore (5 per cent of GSDP) to ₹50,336 crore (4.54 per cent of GSDP).
It consistently made up a significant portion ranging from 81 per cent (2021-22) to 83% (2023-24) of the total expenditure during this period, growing at an average annual rate of 6.51%, added the report
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