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  3. Fiscal deficit in April-August stands at 109.3% of Budget Estimates

Fiscal deficit in April-August stands at 109.3% of Budget Estimates

01 Oct 2020 Evaluate

The government’s fiscal deficit remained above the annual target for second month in row at the end of August, mainly on account of the impact of lockdown on revenue collections. According to the data released by the Controller General of Accounts (CGA), fiscal deficit during April-August was at 109.3% of the annual target estimated in the Budget. In absolute terms, the fiscal deficit was at Rs 8,70,347 crore. It stood at 78.7% of Budget Estimates (BE) in the corresponding period during the last fiscal year. Fiscal deficit or the gap between the expenditure and revenue had breached the annual target in July.

The government had pegged fiscal deficit for 2020-21 at Rs 7.96 trillion or 3.5% of Domestic Product (GDP) in the Budget presented by Finance Minister Nirmala Sitharaman in February. These figures, how­ever, may have to be revised significantly in view of the econo­mic disruptions created by the outbreak of coronavirus pandemic. Fiscal deficit had soared to a seven-year high of 4.6% of the GDP in 2019-20, mainly on account of poor revenue realisation, which dipped further towards the end of March because of a nationwide lockdown to contain the spread of coronavirus.

According to CGA data, the government's revenue receipts stood at Rs 3,70,642 crore or 18.3% of BE in April-August. During the same period of the last fiscal, it was at 30.7% of BE. Tax revenue stood at Rs 2,84,495 crore or 17.4% of BE during the first five months of the fiscal. During the corresponding period of the last fiscal, it was at 24.5% of BE. Total receipts of the government stood at 16.8% of BE or Rs 3,77,306 crore. In the Budget, the government had estimated the total receipts for the fiscal at Rs 22.45 trillion. The government's total expenditure stood at Rs 12,47,653 crore or 41% of BE at end-August. During the same period of the last fiscal, total expenditure was at 42.2% of BE.

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