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  3. Govt achieves fiscal deficit target of 3.9% of GDP in FY16

Govt achieves fiscal deficit target of 3.9% of GDP in FY16

01 Jun 2016 Evaluate

Government validating its earlier claim has finally achieved the fiscal deficit target in FY16, the Centre’s fiscal deficit stood at Rs 5.32 lakh crore or 3.9% of GDP in FY16, marginally lower, about 99.5 per cent than the revised estimate (RE) of Rs 5.35 lakh crore, about 99.6 per cent for the same period a year before.

As per the provisional accounts for 2015-16 data released by Controller General of Accounts, the Fiscal Deficit in 2015-16 stood at 3.9% of GDP as estimated both in BE and RE of 2015-16. This is a significant improvement over the Fiscal Deficit of 4.1% in 2014-15 and 4.7% in 2013-14. Revenue Deficit also witnessed significant improvement due to increase in Capital Expenditure of the Central Government. Revenue Deficit which stood at 3.2% of GDP in 2013-14 improved to 2.9% in 2014-15 and 2.5% in 2015-16. The Capital expenditure has increased substantially to Rs 2,35,253 crore in 2015-16, which is an increase of Rs. 38,572 crore over 2014-15 and Rs.47,578 crore over 2013-14.

The Plan Expenditure in 2015-16 stood at Rs 4,71,081 crores, which are higher by Rs 8437 crores over the previous year despite substantial increase in share of tax devolution to the States. After transfers to states, the tax revenue stood at Rs 9.44 lakh crore or 99.7% of the RE in FY16. Total revenue stood at 12.4 lakh crore, or 99.2% of the RE of Rs 12.5 lakh crore. The total expenditure in the last fiscal year was 17.73 lakh crore or 99.3% of the RE.

The Gross tax collection at Rs 14,56,887 crore showed 17% growth, as compared to Fiscal 2014-15. The Gross tax collection has improved to 10.74% of GDP (tax-GDP ratio) in 2015-16 as compared to 10.06% in 2013-14. The devolution of tax collections to State Governments in 2015-16 stood at Rs 5,06,193 crore, showing an increase of Rs 1,68,385 crore over the devolution of Rs 3,37,808 crore in 2014-15. In 2013-14 the tax share devolution to the States was Rs 3,18,230 crore. Non Tax Receipts were Rs 2,50,744 crore this year, as compared to Rs 1,97,766 crore last year and Rs 1,98,865 crore in 2013-14.

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