Switch to desktop mode for a better experience.
UID: EC-20240830-IN-01
Download
Meta Data
Source
Last Updated
Time Range
Periodicity
Central government receipts refer to all the income collected by the central government of a country. These receipts are a crucial part of the government’s fiscal management, providing the necessary funds to finance public expenditures, which include infrastructure development, social welfare programs, defence, and other essential services. Understanding the various components of central government receipts and how they are utilized offers valuable insights into how a government manages its resources to drive economic growth and social welfare.
From 1970-71 to 2023-24, India has observed a significant and consistent growth in its total Central Government Receipts. In 1970-71, the total receipts stood at 5,339 crore. Over the span of the last five decades, this figure grew exponentially and reached 45,14,884 crore in 2023-24. This growth trajectory shows a steady upward trend, with some periods of accelerated growth. For instance, there was a notable jump from 26,81,360 crore in 2019-20 to 35,17,024 crore in 2020-21, representing a significant increase of about 31% in a single year. This could be attributed to various factors such as policy changes, economic reforms, or external economic conditions. It’s worth noting that the growth rate has not been uniform throughout the years. The year-on-year growth was relatively modest in the earlier decades (1970s and 1980s). However, from the 1990s onwards, central govt. recorded a more rapid increase in its receipts. This aligns with India’s economic liberalization, which began in 1991, potentially indicating the positive impact of these reforms on government revenue. The data also reveals the resilience of India’s revenue collection system. The total receipts increased even during times of global economic hardship, such as the 2008 financial crisis or the more recent COVID-19 pandemic. For example, despite the pandemic’s onset, receipts increased from 37,91,258 crore in 2021-22 to 41,90,474 crore in 2022-23. In 2022–2023, India’s central government received more than 40 lakh crore for the first time. The latest figure for 2023–2024 showed an incredible 45,14,884 crore collected. This consistent rise in government revenue indicates improved tax collection methods, expanding India’s tax base, or a growing economy. However, it’s important to note that these figures are in absolute terms and don’t account for inflation or changes in the value of the rupee over time. A more comprehensive analysis would also consider these receipts as a percentage of GDP and factor in the changing purchasing power of the currency to give a more accurate picture of the government’s fiscal health over the years.
Please cite this article using proper attribution to 360 Analytika when referencing or sharing our content.
hello@360analytika.com
Siliguri, West Bengal, India
Copyright © 360 Analytika | All Rights Reserved