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  3. Fiscal deficit touches 91.3% of the budget estimates in H1 FY18

Fiscal deficit touches 91.3% of the budget estimates in H1 FY18

01 Nov 2017 Evaluate

India’s fiscal deficit, the gap between expenditure and revenue, in the first half of financial year 2018 (H1 FY18), touched 91.3% of the budget estimate (BE), mainly because of increase in expenditure. As per the data released by the Controller General of Accounts, in absolute terms, the fiscal deficit was Rs 4.99 trillion during the April-September period of 2017-18. It also showed that during the same period of last financial year, the deficit was 83.9% of the target.

For the current fiscal, the government aims to further bring down the fiscal deficit to 3.2% of the gross domestic product (GDP). Revenue deficit during the last fiscal was 3.5% of GDP. As per the data, the government’s revenue receipts were at Rs 6.23 trillion in the first six month of the current fiscal, which amounts to 41.1% of the BE of Rs 15.15 trillion for the whole year. In the comparable period last fiscal, revenue receipts comprising taxes and other items were 41.2% of the target.

The CGA data further revealed that the government’s total expenditure had been increasing on sequential basis and totalled Rs11.49 lakh crore at September-end or 53.5% of the budget estimates. It was 52% of the budget estimate a year ago. Besides, it noted that capital expenditure during April-September 2017-18 was only 47.3% of BE as compared to 54.7% in the same period of last fiscal. It also indicated that the revenue expenditure, including interest payment, was 54.6% of the BE during April-Septemer 2017-18. This compares with 51.6% in the corresponding period of 2016-17.

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