Government achieves 3.9% fiscal deficit target in 2015-16
For 2016-17, the government aims to further bring down the fiscal deficit to 3.5%
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New Delhi: Government on Tuesday said it has achieved the fiscal deficit target of 3.9% of GDP in 2015-16.
“Fiscal deficit is 3.9% of GDP or Rs.5.32 lakh crore in 2015-16,” the Controller General of Accounts (CGA) said while releasing the provisional accounts for the last financial year.
For 2016-17, the government aims to further bring down the fiscal deficit—the gap between expenditure and revenue—to 3.5%.
The CGA further said revenue deficit during the last fiscal was 2.5% of GDP. As per the provisional data, the fiscal deficit in April was Rs.1.37 lakh crore, which is 25.7% of the Budget estimate as against 23% a year ago.
The fiscal deficit for the whole year is estimated at Rs.5.33 lakh crore. Total expenditure of the government in April was Rs.1.61 lakh crore, or 8.2% of the full-year estimate.
Of the total expenditure, Plan spending was Rs.45,543 crore while for non-Plan, it was Rs.1,16,442 crore.
Revenue collection was Rs.22,075 crore, or 1.6%, of the estimate.
Total receipts of the government—from revenue and non-debt capital—in April stood at Rs.24,659 crore.
The revenue deficit during the month was Rs.1,19,075 crore, or 33.6%, it said.
Revenue deficit refers to the shortfall in total government revenue realisation from the targeted figure.