April-June fiscal deficit at 48.4 pc of budget estimates

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SummaryThe fiscal deficit was 37.1 per cent of the budget estimate in the April-June quarter of 2012-13

Reflecting a deterioration in government finances, the centre's fiscal deficit reached Rs 2.63 lakh crore in the first quarter, which is 48.4 per cent of the 2013-14 budget estimate.

The fiscal deficit was 37.1 per cent of the budget estimate in the April-June quarter of 2012-13, government data showed today.

Net tax receipts for the first three months of the fiscal year touched Rs 1.02 lakh crore, while total expenditure was Rs 3.82 lakh crore.

The fiscal deficit during 2012-13 came down to 4.9 per cent of GDP from 5.8 per cent a year ago. In the current financial year, the government plans to lower the deficit to 4.8 per cent of GDP.

Finance Minister P Chidambaram has said that red lines have been drawn for the fiscal deficit and they will not be breached.

The revenue deficit during April-June went up to Rs 2.1 lakh crore, or 55.4 per cent of the budget estimate, compared with 43.6 per cent last year.

Revenue collection slowed down to 11.1 per cent of the budget estimate (Rs 1.17 lakh crore) as against 12.7 per cent in the previous fiscal.

Total receipts worked out to be 10.6 per cent of the budget estimate in the first quarter, compared with 12.4 per cent in 2012-13.

Total expenditure was higher at 23 per cent of the estimate, compared with 20.9 per cent in the previous fiscal.

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