Fiscal deficit reaches almost 84% of budget estimates during first half

The Dollar Business Bureau

Fiscal deficit during the first half of the current financial year stood at almost 84%, or at Rs.4.47 lakh crore, of the budget estimate for the whole fiscal.

During April-September 2016-17, fiscal situation deteriorated over the year ago period when the deficit stood at 68.1% of the budget estimate of the previous financial year 2015-16.

Fiscal deficit for the entire fiscal year 2016-17 was pegged at Rs.5.33 lakh crore, or 3.5% of gross domestic product (GDP).

According to the data released by the Controller General of Accounts, the total tax revenue stood at Rs.4.48 lakh crore, or 42.5% the 2016-17 Budget estimate of Rs.10,54,101 crore, while the total revenue receipts  and non-debt capital of the government read Rs.5.79 lakh crore during the first six months of this fiscal.

The government's Plan expenditure during the period stood at Rs. 3,22,633 core, or 58.7% of the full-year Budget estimate, as against the corresponding period of last fiscal, when the government managed to achieve 54.6% of the Plan expenditure estimate.

The non-Plan expenditure during April-September 2016-17 was Rs.7.05 lakh crore, or about 49.4% of the year estimate. The total expenditure amounted to Rs.10.27 lakh crore compared to the current year estimate of Rs.19.78 lakh crore.

The revenue deficit during the first six months was Rs.3.25 lakh crore, or 92.1% of budget estimate for 2016-17.