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  3. Fiscal deficit in first half touches 83% of FY15 target

Fiscal deficit in first half touches 83% of FY15 target

03 Nov 2014 Evaluate

In a big sign of disappointment to Indian government, India’s fiscal deficit widened to 82.6% to cross Rs. 4.38 lakh crore during April-September this fiscal as against Rs.5.31 trillion Budget Estimates for 2014-15. In the corresponding year-ago period, fiscal deficit was 76% of the budget estimate.

During the first half of current fiscal, total expenditure increased to Rs 8.62 lakh crore or 48%  of the budget estimates (BE), while, revenue receipts lagged 35% to Rs 4.17 lakh crore, mainly due to slowing tax collections. Of the total expenditure, plan spending was at over Rs. 2.46 lakh crore. Under non-plan head, it was Rs.6.15 lakh crore. Net tax receipts in the first six months of current fiscal stood at Rs. 3.23 lakh crore, or 33.1% of BE. Weak manufacturing activity has led to a contraction in excise duty collections and corporate tax collections also remained below expectation due to the poor corporate profits. The fiscal deficit was recorded at around Rs 5.08 lakh crore or 4.5% of GDP in FY14 as against 4.9 % in FY13.

With an aim to trim the fiscal deficit to 4.1% of gross domestic product (GDP) in FY15, the government has recently issued new austerity measures including 10% cut in non-Plan expenditure and ban on creation of new posts. The government also decided to barred senior officials from first-class air travel, foreign jaunts, holding meetings in five-star hotels and purchase of new cars. On positive side, the government will have to provide lower fuel subsidy due to the deregulation of diesel and declining crude oil prices in the international market. Further, government also has a cushion of lower spending on food subsidy because the food security law is not likely to be rolled out by many states this year. The government has already set aside Rs 1.15 lakh crore for food subsidy this year.

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