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  3. Fiscal deficit touches 58.6% of BE at May-end in FY21

Fiscal deficit touches 58.6% of BE at May-end in FY21

01 Jul 2020 Evaluate

The Controller General of Accounts (CGA) in its data has showed that the fiscal deficit widened to Rs 4.66 lakh crore or 58.6% of the Budget Estimates (BE) during the first two months of the current financial year (FY21) mainly on account of poor tax collection due to the lockdown to check the spread of coronavirus. The fiscal deficit during the corresponding period of last year was be 52% of the budget estimates. However, these figures have to be revised significantly in view of the economic disruptions created by the outbreak of the coronavirus.

In absolute terms, the fiscal deficit stood at Rs 4,66,343 crore at end-May. The deficit was 35.1% of BE at end-April. Fiscal deficit had soared to a seven-year high of 4.6% of the Gross Domestic Product (GDP) in 2019-20, mainly on account of poor revenue realisation which dipped further towards the close of March because of lockdown to contain spread of coronavirus. The government had pegged the fiscal deficit for 2020-21 at Rs 7.96 lakh crore or 3.5% of the GDP in the budget which was presented by Finance Minister Nirmala Sitharaman in February.

According to the CGA data, revenue receipts of the government stood at Rs 44,667 crore or 2.2% of the BE. During the same period of the last fiscal, the realisation was 7.3% of the BE. The tax revenue stood at Rs 33,850 crore or 2.1% of BE during the first two months of the fiscal. Total receipts of the government were 2% of the BE or 45,498 crore. In the Budget, the government had estimated the total receipts for the fiscal at Rs 22.45 lakh crore. The government's total expenditure stood at Rs 5.11 lakh crore or 16.8% of the BE at end-May. During the same period of the last fiscal, the total expenditure was 18.4% of the BE.

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