India's April-August fiscal deficit at 94.7% of annual target
India`s budgetary fiscal deficit for April-August at Rs 5.91 lakh crore accounted for 94.7 per cent of the full year`s target of Rs 6.24 lakh crore, official data showed on Tuesday.
India`s budgetary fiscal deficit for April-August at Rs 5.91 lakh crore accounted for 94.7 per cent of the full year`s target of Rs 6.24 lakh crore, official data showed on Tuesday. The data furnished by the Controller General of Accounts (CGA) showed that the fiscal deficit during the corresponding five months of the previous fiscal was 96.1 per cent. Till August this year, the government`s total expenditure stood at Rs 10.70 lakh crore (43.85 per cent of the budget estimates) while the total receipts were Rs 4.79 crore (26.38 per cent of the budget estimates).
"Rs 2,67,302 crore has been transferred to state governments as devolution of share of taxes by the government up to this period which is Rs 26,390 crore higher than the corresponding period of last year," the Finance Ministry said in a statement. Out of the total expenditure, Rs 9.38 lakh crore was on revenue account and Rs 1.32 lakh crore on capital account.
"Out of the total revenue expenditure, Rs 2,19,111 crore is on account of interest payments and Rs 1,70,617 crore is on account of major subsidies," the statement said said. On the other hand, total receipts comprised Rs 3.66 lakh crore of tax revenue, Rs 98,332 crore of non-tax revenue and Rs 15,020 crore of non-debt capital receipts, the government said.
Non-debt capital receipts consisted of loan recovery worth Rs 5,596 crore and disinvestment of public sector undertakings amounting to Rs 9,424 crore.