India's fiscal deficit touches 87%

India's fiscal deficit touches 87%

Fiscal deficit in the first eight months of the current fiscal reached Rs 4.83 lakh crore, or 87 per cent of the Budget Estimate (BE) for the whole 2015-16.

The fiscal situation in April-November showed improvement over the year-ago period as the deficit then stood at 98.9 per cent of the Budget Estimate of 2014-15.

The fiscal deficit — gap between the government’s expenditure and revenue — for 2015-16 was pegged at Rs 5.55 lakh crore for the whole year in the Budget presented by Finance Minister Arun Jaitley in February.

As per the data released by the Controller General of Accounts, tax revenue came in at Rs 4.64 lakh crore, or 50.5 per cent of the full-year BE of Rs 9,19,842 crore.

Total receipts from revenue and non-debt capital of the government during the first eight months read Rs 6.5 lakh crore. The government estimates Rs 12.21 lakh crore receipts at end-March 2016.

The government’s Plan expenditure during the period was Rs 2.9 lakh core, 64.1 per cent of the full-year BE. During the same period last year, the government had managed to achieve 51.1 per cent of Plan expenditure estimate.

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