Fiscal deficit stands at 88% of BE for the first nine months of the current fiscal

29 Jan 2016 Evaluate

Showing some improvement in the government finances, India’s fiscal deficit for the first nine months of the current financial year narrowed compared to the same period a year ago, on account of buoyancy in tax collections that kept the revenue deficit in check. According to the data released by the Controller General of Accounts, India’s fiscal deficit for April- December 2015-16 stood at Rs 4.88 lakh crore or 88 percent of the budget estimate for the whole year, as against Rs 5.32 lakh crore or 100.2% YoY. Though, the numbers are slightly higher than the April-November figures which came in at Rs 4.83 lakh crore but are well within the comfort levels of the government and policy observers.

As per the data released, net tax revenue for the period April-December came in at Rs 6.22 lakh crore or 67.6 percent of the full year of the budget estimate of Rs 9.19 lakh crore. Total receipts from revenue and non-debt capital of the government during the first nine months read Rs 8.25 lakh crore. The government estimates Rs 12.21 lakh crore receipts at end-March 2016.

The data further highlighted that the total expenditure touched Rs 13.33 lakh crore or 64.3 per cent at the end of December of budget estimate for the current fiscal at Rs 17.77 lakh crore. The plan expenditure during this period was Rs 3.45 lakh core, 74.4 per cent of the full-year BE. During the same period last year, the government had managed to achieve 61.3 per cent of Plan expenditure estimate. Meanwhile, non-Plan expenditure during April-December of 2015-16 was Rs 9.68 lakh crore or 73.8 per cent, of the whole-year estimate.

Meanwhile, the revenue deficit during the first nine months period stood at Rs.3.22 lakh crore or 81.7%, of BE for 2015-16 compared to 106.2 per cent of the full-year target in the corresponding period a year ago. The fiscal deficit - gap between government’s expenditure and revenue for 2015-16 has been pegged at Rs 5.55 lakh crore or 3.9 per cent of the gross domestic product (GDP).

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