India’s fiscal deficit for the first two months of the fiscal stood at Rs 2.28 lakh crore or 42.9 per cent of Budget estimates for 2016-17, much higher as compared to the last year 2015-16 fiscal deficit for first two months, which was 37.5 per cent of the budget estimates.
As per the Controller General of Accounts (CGA) data, tax revenue was Rs 49,690 crore or 4.7 per cent of the estimate and total receipts (from revenue and non-debt capital) of the government during the two months was Rs 69,060 crore or 4.8 per cent of the estimates for the current year, whereas for 2015-16 it was 4.4 per cent of the estimates. The revenue deficit during the two month was over Rs 1.99 lakh crore or 56.2 per cent of the estimates.
Of the total expenditure, plan and non-plan spending was Rs 90,570 crore and Rs 2,07,476 crore respectively. For the 2016-17 year, the government aims to restrict fiscal deficit to Rs 5.33 lakh crore or 3.5 per cent of the GDP, compared to 3.9 per cent in 2015-16.