InFocusFinance

India’s Fiscal Deficit Touched Rs 7.70 Lakh Crore

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Fiscal deficit of India for April-January at Rs 7.70 lakh crore has touched 121.5 per cent of the budgeted target of Rs 6.34 lakh crore, official data showed.

The slip was mainly due to slow revenue expansion during the period.

The Controller General of Accounts (CGA) data showed the fiscal deficit during the corresponding 10 months of the previous fiscal was 113.7 per cent of that year’s target.

Till January, the government’s total expenditure stood at Rs 20.01 lakh crore (81.5 per cent of the budget estimates) and the total receipts Rs 12.30 lakh crore (67.5 per cent of the budget estimates).

In the same period of 2017-18, it was 71.7 per cent of budgeted estimates received.

“Rs 5,41,738 crore has been transferred to state governments as devolution of share of taxes by the central government up to this period, which is Rs 60,261 crore more than the corresponding period of last year,” the Finance Ministry said in a statement.

Of the total expenditure in this period, Rs 17.72 lakh crore was on revenue account and Rs 2.30 lakh crore on capital account.

“Of the total revenue expenditure, Rs 4,63,325 crore is on account of interest payments and Rs 2,29,731 crore major subsidies,” the statement said.

Total receipts comprised Rs 10.19 lakh crore of net tax revenue, Rs 1.62 lakh crore of non-tax revenue and Rs 49,323 crore of non-debt capital receipts.

Non-debt capital receipts during the period consisted of Rs 13,717 crore loan recovery and disinvestment of public sector undertakings amounting to Rs 35,606 crore.

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