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01-Apr2019

Fiscal deficit touches 134.2% of target in April-February; stands at Rs 8.51 lakh crore

The Controller General of Accounts (CGA) in its latest data has stated that India's fiscal deficit touched 134.2% of the full-year revised budgeted estimate at the end of February 2019, mainly due to tepid growth in revenue collections. In absolute term, fiscal deficit for April-February 2018-19 was Rs 8.51 lakh crore as against the revised estimate (RE) of Rs 6.34 lakh crore for the entire year.

The data showed that revenue receipts of the central government was Rs 12.65 lakh crore or 73.2% of the revised budgetary estimate (BE) at February end. In the same period last fiscal, the revenue collection was 78.2% of the estimates. The government's tax revenue stood at Rs 10.94 lakh crore and non-tax revenue was Rs 1.7 lakh crore.

On the expenditure front, the CGA said total expenditure incurred by the government during April-February 2018-19 was Rs 21.88 lakh crore (89.08% of RE), of which Rs 19.15 lakh crore was on revenue account and Rs 2.73 lakh crore on capital account. Out of the total revenue expenditure, Rs 5.01 lakh crore was on account of interest payments and Rs 2.63 lakh crore on major subsidies.

However, Economic Affairs Secretary S C Garg has said that the government is committed to restrict the fiscal deficit at 3.4% of the Gross Domestic Product (GDP) as envisaged in the Budget. Meanwhile, the finance ministry in a statement said that Rs 5.96 lakh crore has been transferred to the state governments as devolution of share of taxes by the central government up to February, which is Rs 67,043 crore higher than the corresponding period of last year 2017-18.


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