India fiscal deficit at 91.3% of full-year target in September
New Delhi: India’s fiscal deficit at the end of the first half of the current fiscal touched 91.3% of the budget estimate, mainly due to rise in expenditure. In absolute terms, the fiscal deficit—difference between expenditure and revenue—was Rs4.99 trillion during the April-September period of 2017-18, according to the data of controller general of accounts (CGA).
During the same period of last financial year, the deficit was at 83.9% of the target. For 2017-18, the government aims to bring down the fiscal deficit to 3.2% of the gross domestic product (GDP). Last fiscal, it had met the 3.5% target.
The CGA data showed that the government’s revenue receipts were at Rs6.23 trillion in the first six month of the current fiscal, which works out to be 41.1% of the budget estimate (BE) of Rs15.15 trillion for the entire year. The receipts, comprising taxes and other items, were at 41.2% of the target in the year-ago period.
As per the CGA data, the government’s total expenditure had been increasing on sequential basis and totalled Rs11.49 lakh crore at September-end or 53.5% of the budget estimates. It was 52% of the budget estimate a year ago.
Capital expenditure during April-September 2017-18 was only 47.3% of BE as compared to 54.7% in the same period of last fiscal. The revenue expenditure, including interest payment, was 54.6% of the BE during April-Septemer 2017-18. This compares with 51.6% in the corresponding period of 2016-17.