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  3. Fiscal deficit touches 96.1% of the budget estimates in April-October

Fiscal deficit touches 96.1% of the budget estimates in April-October

01 Dec 2017 Evaluate

India’s fiscal deficit, the gap between expenditure and revenue, touched 96.1% of the budget estimate (BE) in the first seven months of financial year 2017-18, mainly because of lower revenue collections and increase in expenditure. As per the data released by the Controller General of Accounts (CGA), in absolute terms, the fiscal deficit was Rs 5.25 lakh crore during the April-October period of 2017-18. It also showed that during the same period of last financial year, the deficit was 79.3% of the target.

For 2017-18, the government aims to bring down the fiscal deficit to 3.2% of the GDP, after it met the deficit target of 3.5% of the GDP in the last fiscal. As per the CGA data, the government’s revenue receipts were at Rs 7.29 lakh crore during April-October period, which amounts to 48.1% of the BE of Rs 15.15 lakh crore for the whole year. In the comparable period last fiscal, revenue receipts comprising taxes and other items were 50.7% of the target. 

The data further revealed that the government’s total expenditure was Rs 12.92 lakh crore at October-end, or 60.2% of the budget estimate. It was 58.2% of the budget estimate a year ago.  Besides, it noted that capital expenditure during April- October 2017-18 was only 52.6% of BE as compared to 50.7% in the same period of last fiscal. It also indicated that the revenue expenditure, including interest payment, was 61.5% of the BE during April- October 2017-18, compared with 59.2% in the corresponding period of 2016-17.

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