Fiscal deficit in May at 55.3 pct of budget estimates
Fiscal deficit in May touched 55.3 per cent of the budget estimate (BE) on account lower expenditure as compared to 68.3 per cent in the corresponding period last year.
Fiscal deficit in May touched 55.3 per cent of the budget estimate (BE) on account lower expenditure as compared to 68.3 per cent in the corresponding period last year. Fiscal Deficit is the difference between total revenue and expenditure. During May, the government's total receipts were Rs 1.27 lakh crore or 7 per cent of BE for 2018-19, according to the data released by the Controller General of Accounts (CGA).
This comprises Rs 1.02 lakh crore on account of tax revenue, Rs 24,049 crore of non-tax revenue and Rs 1,004 crore of non debt capital receipts. Non-Debt Capital Receipts consists of recovery of loans (Rs 570 crore) and disinvestment of PSUs (Rs 434 crore). The Finance Ministry in a statement said that Rs 1,11,578 crore has been transferred to state governments as devolution of share of taxes by the Government of India up to May.
"This is Rs 15,217 crore higher than the corresponding period of 2017-18," it added. The CGA data showed that total expenditure incurred by the Centre was about Rs 4.7 lakh crore (19.37 per cent of corresponding BE), out of which Rs 4.09 lakh crore was on revenue account and Rs 63,791 crore on capital account.
India vs South Africa 2023-24: T20, ODI, Test Matches Full Schedule, Match Dates, Time in IST, Venues, Squad, Free Live Streaming Details
Aprilia RS457: Aprilia's first made-in-India motorcycle to launch today - Check price, specifications
HDFC SKY redefines share market navigation with advanced demat account app for seamless wealth creation
RBI to set up cloud facility for financial sector and fintech repository; here is what you need to know
RBI keeps repo rate steady for the 5th time: Here is what market experts, analysts and industry leaders say
ICSE, ISC Board Exam 2024 date sheet released: Check board exam schedule, direct link, other details here
RBI monetary policy | MPC keeps repo rate unchanged at 6.5% for fifth consecutive time; top highlights
Of the total revenue expenditure, Rs 73,606 crore was on account of interest payments and Rs 88,689 crore on account of major subsidies. The government had budgeted to cut fiscal deficit to 3.3 per cent of GDP in current fiscal, from 3.53 per cent of GDP in 2017-18.