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  3. Govt’s fiscal deficit rises to 74.4% of 2011-12 target in April-October

Govt’s fiscal deficit rises to 74.4% of 2011-12 target in April-October

01 Dec 2011 Evaluate

The government’s fiscal deficit has risen to Rs 3.07 lakh crore, in the first seven months of current financial year, which is around 74% of the budget estimates, indicating worsening of the India’s financial situation.

As per the Controller General of Accounts (CGA) data, the government’s fiscal deficit went up to Rs 3.07 lakh crore or 74.4% of the budget estimates at the end of October, as non-tax revenue growth declined. The central government’s fiscal deficit gap between overall expenditure and receipts was around 42.6% of the budget estimates in the same period of the last fiscal year. For the current fiscal year, the government has estimated a fiscal deficit of Rs 4.12 lakh core or 4.6% of the Gross Domestic Product (GDP).

This increase in the fiscal deficit is mainly on account of lower mobilization of non-tax revenue compared to April-October 2010, when it had mobilized more than Rs 1.08 lakh crore because of the 3G and BWA spectrum auctioning. On the other hand, in April-October 2011, the total revenue collections stood at around Rs 5.39 lakh crore compared to the budget estimate of Rs 7.89 lakh crore for the 2011-12, which was around 45.5% of the budget estimates. At the end of September, non-tax revenue collection stood at 54.4% of budget estimates, compared to 119% in the same period of last year.

From disinvestments of public sector units, the government has mobilized just Rs 1,145 crore in first seven months of 2011-12, which is far less than the target of Rs 40,000 crore set for current financial year. The disinvestment plan has been affected by the uncertainty in capital market because of the global economic slowdown. Meanwhile, government’s revenue deficit, which is difference between revenue earned and expenses in April-October 2011 stood at Rs 2.43 lakh crore or 79% of budget estimates. 

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