India FY12 fiscal deficit at 5.7% of GDP

India FY12 fiscal deficit at 5.7% of GDP

New Delhi: India reined in its fiscal deficit to 5.7% of gross domestic product (GDP) in 2011-12, according to official data released by the government.

The government wants to limit its fiscal deficit to 5.1% of GDP in 2012-13 by controlling its subsidy bill to under 2% of GDP.

Data released by the controller general of accounts showed that though the government did not manage to meet its tax revenue collection targets in FY12, a reduction in plan and non-plan expenditure helped the government control its burgeoning fiscal deficit.

Tax revenue receipts were at 6.31 trillion, lower than the revised estimate of 6.42 trillion. Both non-plan expenditure and plan expenditure were lower at 8.84 trillion and 4.13 trillion respectively. The fiscal deficit was 5.09 trillion as against the revised estimate of 5.21 trillion, as per CGA data. The revenue deficit was at 4.3% of GDP.