The Hindu : Fiscal deficit at Rs. 83,394 cr. till Nov.

Online edition of India's National Newspaper
Wednesday, Jan 01, 2003

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Fiscal deficit at Rs. 83,394 cr. till Nov.

NEW DELHI DEC. 31. The Centre was able to keep its fiscal deficit under control at Rs. 83,394 crores during the first eight months of this fiscal, which was 61.5 per cent of the budget estimate of Rs. 135,524 crores for the entire fiscal.

The deficit till November, which works out to 3.26 per cent of gross domestic product, was relatively lower on account of better revenue mop up even as the Centre's spending was comparatively higher.

During April-November, the Centre raised Rs. 123,629 crores in revenue while total expenditure was Rs. 224,579 crores leaving a fiscal gap of Rs. 83,394 crores, according to figures released by the Controller General of Accounts.

The Government collected Rs. 80,346 crores in taxes during the first eight months which amounted to 46.5 per cent of the budgeted Rs. 172,965 crores. Non-tax revenue amounted to Rs. 43,283 crores, which was only 60 per cent of the estimated Rs. 72,140 crores for 2002-03.

Total receipt was Rs. 141,185 crores, which was somewhat dampened by the relatively lower non-tax receipts and accounted for 51.4 per cent of the budget target of Rs. 274,785 crores.

On the expenditure front, the Centre's spending was relatively higher so far this fiscal and amounted to 54.7 per cent of the Rs. 410,309 crores budgeted for 2002-03.

Plan expenditure was squeezed to Rs. 57,710 crores, accounting for 50.8 per cent of the budgeted Rs. 113,500 crores. Non-Plan expenditure was Rs. 166,869 crores till November, which was 56.2 per cent of the estimated Rs. 296,809 crores.

The Centre's non-Plan spending surged mainly on account of higher interest payments, which was Rs. 67,184 crores till November amounting to 57.2 per cent of the budget target of Rs. 117,390 crores.

The revenue deficit of the Centre stood at Rs. 67,888 crores, which is 71.2 per cent of the budget estimates. The primary deficit was Rs. 16,210 crores accounting for 89.4 per cent of the budget target. Most of the deficit was financed through market borrowing, which was Rs. 79,548 crores till November. The Centre completed 83 per cent of the borrowing till November as against the target of Rs. 95,859 crores for the entire fiscal.

PTI

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