Fiscal deficit is already twice the BE

Written by Press Trust of India | New Delhi | Updated: Mar 1 2009, 05:15am hrs
Pressurised by increased expenditure and falling revenue due to the economic slowdown, fiscal deficit by the month of January, soared twice as much as the original budgetary target for the entire fiscal, 2008-09. However, fiscal deficit, as per the data released by the Controller General of Accounts (CGA), at the end of January stood at Rs 2,62,815 crore, which is 80.5% of the revised fiscal deficit target of Rs 3,26,515 crore. The original estimate for the fiscal deficit was Rs 1,33,287 crore, making the revised estimate 240% of the budget estimate primarily due to all the fiscal and monetary measures taken by the government since last October.The revenue deficit till January (Rs 2,09,250 crore) has shot up 380% of the budget estimate of Rs 55,184 crore. It is, however, 86.7% of the revised revenue deficit estimate of Rs 2,41,273 crore, itself 437% of the budget estimate.