India’s fiscal deficit was at Rs 8.51 lakh crore in February-end reaching 4.52 per cent of GDP, a senior Finance Ministry source told a news agency. The receipts are enough to cover only 61 per cent of expenditure. As a percentage to GDP, fiscal deficit is 4.52 per cent and revenue deficit is 3.45 per cent, says the Finance Ministry note, IANS reported.
The figures mean fiscal deficit has surpassed 134 per cent of the government’s budget estimate. Last year, the deficit stood at 120 per cent, during the same period.
The central government had revised its fiscal deficit target to 3.4 per cent for FY19 from the previous 3.3 per cent.
In FY19, the total expenditure was Rs 21.9 lakh crore or 89 per cent of the budget estimate.
Total expenditure consisted of revenue expenditure of Rs 19.15 lakh crore, at 89 per cent of budget estimate, and capital expenditure of Rs 2.73 lakh crore at 87 per cent of budget estimate.
Also, at the end of February, the total receipts stood at Rs 13.37 lakh crore, or at 73 per cent of the budget estimate.
Gross tax collection had peaked Rs 16.92 lakh crore or 75 per cent of the budget estimate against 81 per cent in the same period of the previous fiscal.
The net tax revenue to the Centre was of the order of Rs 10.93 lakh crore, or 74 per cent of BE, after deducting devolution to States (Rs 5.96 lakh crore) and collections under national calamity and contingency duty (NCCD) to be transferred to the National Disaster Response Fund or NDRF ( Rs 1,520 crore).
Total receipts include Net Tax Revenue to Centre (Rs 10.93 lakh crore), Non Tax Revenue (Rs 1.71 lakh crore) and Other Receipts (Rs 71,662 crore), the figures showed.
