India’s April-September deficit crosses 95% of target

30-Oct-2018

India’s budgetary fiscal deficit for the April-September period at Rs 5.95 lakh crore accounted for 95.3 per cent of the full year’s target of Rs 6.24 lakh crore, mainly owing to slow revenue growth during the first half of the year, official data showed on Thursday.

The data furnished by the Controller General of Accounts (CGA) showed that the fiscal deficit during the corresponding six months of the previous fiscal was 91.3 per cent.

Till September, the government’s total expenditure stood at Rs 13 lakh crore (53.4 per cent of the budget estimates) while the total receipts were Rs 7.09 lakh crore (39 per cent of the budget estimates). This is as compared to 40.6 per cent of budget estimates received in the same period of 2017-18.

“Rs 3,22,189 crore has been transferred to state governments as devolution of share of taxes by the government up to this period, which is Rs 33,093 crore higher than the corresponding period of last year,” the Finance Ministry said in a statement.

Of the total expenditure, Rs 11.41 lakh crore was on revenue account and Rs 1.63 lakh crore on capital account.

“Out of the total revenue expenditure, Rs 2,55,432 crore is on account of interest payments and Rs 1,88,291 crore is on account of major subsidies,” the statement said.

On the other hand, total receipts comprised Rs 5.83 lakh crore of tax revenue, Rs 1.09 lakh crore of non-tax revenue and Rs 17,731 crore of non-debt capital receipts.

Non-debt capital receipts consisted of loan recovery worth Rs 7,786 crore and disinvestment of public sector undertakings amounting to Rs 9,945 crore.

Source: WE FOR NEWS