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  3. April-Oct fiscal deficit touches 84.4% of full-year target

April-Oct fiscal deficit touches 84.4% of full-year target

02 Dec 2013 Evaluate

Reflecting signs of stress in government finances, India's fiscal deficit touched Rs 4.57 lakh crore or 84.4% of full year target in the first seven months of the current fiscal. As per the official data, net tax receipts for the first seven months of the fiscal year stood at Rs 3.56 lakh crore in the first seven months of the current fiscal year to March 2014, while total expenditure stood at Rs 9.22 lakh crore.

The revenue deficit during seven months period went up to Rs 3.53 lakh crore, or 92.9% of the budget estimate, compared with 81.4% last year, basically on account of slower tax collection, which stood at 8.84 lakh crore or 92.9% of the budget estimate as compared to 81.4% last year. Meanwhile, non-tax revenues were just at Rs 99,515 crore in the April-October period, as against the budgeted over Rs 1.72 lakh crore for entire 2013-14.

The present fiscal deficit is higher than 71.6% of the budget estimate in April-October of 2012-13. However, this is without accounting for subsidies that the government will have to shell out for selling diesel and cooking fuels at prices below cost. Also, as much as Rs 45,000 crore of fuel subsidy to be paid this fiscal is likely to be carried forward to the next year, as all the budgetary provisions have already been exhausted in the first six months.

Up till now, the government has been able to raise a little over Rs 1,300 crore from disinvestment, against the budgeted target of Rs 40,000 crore. With this, it now remains to be seen how Finance Minister would be able to contain fiscal deficit at 4.8% of GDP in the current fiscal.

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