Government contains fiscal deficit at 4 per cent of GDP for 2014-15

18 May 2015 Evaluate

The government has contained the fiscal deficit at 4 per cent of GDP for 2014-15 at Rs 5,01,880 crore, bettering its own financial targets it had inherited (4.1 per cent) in the interim Budget prepared by his predecessor P Chidambaram. Revenue deficit at the end of 2014-15 stood at Rs 3,58,306 crore which is 99 percent of the projected figure in the RE 2014-15 and is 2.8 percent of the GDP as against the RE of 2.9 percent.

Fiscal deficit, the gap between the government's expenditure and revenue, remained lower than the downwardly revised estimate of 4.1 per cent provided by the Modi government's first full Budget announced in February. To meet the steep ask of containing the fiscal deficit Jaitley followed the precedent set by his predecessor for 2013-14 and had slashed the allocation for plan expenditure by Rs 1,07,066 crore to Rs 4,67,934 crore for 2014-15 from Rs 5,75,000 crore in the revised estimate towards the fag end of the year.

As per the ministry, Plan Expenditure at the end of 2014-15 stood at Rs 4,35,621 crore while Non-Plan Expenditure during the same year has been Rs 11,91,140 crore (99.8 percent of RE). The gross tax collection registered a growth of 9 percent in 2014-15 and stood at Rs 12,45,037 crore. The Non Tax Revenue stood at Rs 1,96,959 crore (90 percent of Revised Estimate).

Although, the provisional accounts for the year ended 31st March, 2015, have been complied on the basis of March data and anticipated adjustments received from the different ministries. These are the provisional figures and may undergo certain changes during the final compilation of accounts after audit. Figures compiled by the Controller General of Accounts had put the fiscal deficit during April-December period at Rs 5.32 lakh crore mainly because of subdued tax realisation in a slowing economy. As per the fiscal consolidation road map outlined in the Budget 2015-16, fiscal deficit is to be brought down to 3.9 percent of GDP in the current fiscal, then to 3.5 percent in 2016-17 and further to 3 percent by 2017-18.The 3 percent target would now be reached a year later than planned.

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