Govt Exceeds FY23 Spending by ₹54,067 Crore; Debt Repayment Drives Overshoot

New Delhi: The Union government exceeded its approved expenditure by ₹54,067 crore in the financial year 2022–23, largely due to higher-than-expected debt repayments, according to a report by the Public Accounts Committee.

The report, recently tabled in the Lok Sabha, highlighted concerns over gaps in budget planning and expenditure management. It noted that despite seeking additional funds through supplementary grants during the year, actual spending still surpassed the sanctioned limits.

A significant portion of the excess—over 99%—was attributed to debt servicing under the Department of Economic Affairs in the Finance Ministry. A smaller share of the overspending was linked to capital expenditure by the Ministry of Railways.

As per parliamentary procedures, the excess expenditure will now require formal approval for regularisation. The development has raised questions about the accuracy of budget estimates and the effectiveness of financial controls within key government departments.

The findings underscore the need for more precise fiscal forecasting and tighter monitoring of public spending to ensure better alignment with approved budgets in the future.