Fiscal deficit stands at 68% of Budget estimate for April- Sept 2015

02 Nov 2015 Evaluate

India’s fiscal situation was retained well within the control and showed improvement in April-September period over the year ago, despite spending heavily on public investments. As per the data released by the Controller General of Accounts, the fiscal deficit for the first half of the current fiscal year stood at Rs 3.78 lakh crore or 68.1 percent of the Budget estimate (BE) for the whole year pegged at Rs 5.55 lakh crore or 3.9 percent of GDP. The fiscal situation showed improvement for the six months of the current fiscal year over the year ago as the deficit then stood at 82.6 percent of the Budget estimate of 2014-15.

The data further highlighted that the revenue collections picked up pace during the first six months at Rs 5.31 lakh crore or 45 percent as against 35.1 percent the same period last fiscal. Total receipts from revenue and non-debt capital of the government during the first six months read Rs 5,31,982 crore or 43.5 percent. The government estimates Rs 12.21 lakh crore receipts at end-March 2016.

On the other side, the total expenditure touched Rs 9.10 lakh crore or 51.2 percent as against the government's estimate for the current fiscal at Rs 17.77 lakh crore. Plan expenditure jumped to Rs 2.53 lakh crore or 54.6 percent of the full-year budget estimate as against 42.8 per cent of the BE in the same period a year ago. The drinking water and sanitation, coal, civil aviation, heavy industries, petroleum and natural gas and road transport and highways ministries registered heavy plan spending. Meanwhile, the non plan expenditure during April-September of 2015-16 was at Rs 6.56 lakh crore or 50 percent which is half of the budget target for this fiscal year.

As per the data released by the Controller General of Accounts, tax revenue in the first half of the fiscal year amounted to Rs 3.69 lakh crore, or 40.2 percent, of the full year budget estimate of Rs 9.19 lakh crore, as against 33.1 per cent of the estimates a year ago. Tax revenues have been helped by good indirect tax collections, providing some cushion to a likely shortfall in direct tax collections and lower than estimated disinvestment receipts. Collections of both excise and customs duties crossed the Rs 1-lakh-crore mark in the first six months of the fiscal year as against Rs 60,547 crore and Rs 87,408 crore, respectively, on September 30, 2014.

The revenue deficit during the six months period stood at 2.69 lakh crore, or 68.2 percent, of BE for 2015-16. This data will give comfort to the Finance Ministry, which has been concerned about a shortfall in disinvestment proceeds this fiscal year. Recently, Finance Minister Arun Jaitley had said that the fiscal deficit target of 3.9 per cent of GDP for 2015-16 would be met.

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