Home >Politics >Policy >India’s fiscal deficit reaches nearly 43% of budget target in May

New Delhi: India’s deficit in the first two months of the current fiscal was 2.28 trillion or 42.9% of budget estimates for 2016-17, higher than the year-ago period. The fiscal deficit situation during April-May of the last fiscal was 37.5% of the budget estimates. The gap between expenditure and revenue for the entire current fiscal has been pegged at 5.33 trillion.

As per data released by the Controller General of Accounts, tax revenue was 49,690 crore or 4.7% of the estimate. Total receipts (from revenue and non-debt capital) of the government during the two months was 69,060 crore or 4.8% of the estimates for the current year. It was 4.4% of the estimates for 2015-16.

Total expenditure of the government during April-May was 2.98 trillion or 15.1% of the entire year estimates. Of the total expenditure, plan spending was 90,570 crore and non-plan was over 2.1 trillion. The revenue deficit during the two month was over 1.99 trillion or 56.2% of the estimates, CGA data showed. For the 2016-17 year, the government aims to restrict fiscal deficit to 5.33 lakh crore or 3.5% of the GDP.

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