India's April-Nov fiscal deficit touches 94 per cent of full year target: Govt

Written by Reuters | New Delhi | Updated: Jan 1 2014, 00:42am hrs
PCChidambaram had committed to narrow fiscal deficit to 4.8 per cent of GDP this fiscal year in the annual budget. Express
India's fiscal deficit touched 5.1 trillion rupees ($82.32 billion) during April-November, or 93.9 percent of the full-year target, government data showed on Tuesday.

Net tax receipts touched 3.96 trillion rupees in the first eight months of the current fiscal year to March 2014, while total expenditure was 10.21 trillion rupees.

In the annual budget presented in February, Finance Minister P. Chidambaram had committed to narrow the fiscal deficit to 4.8 percent of gross domestic product (GDP) this fiscal year from 4.9 percent a year ago.

Fiscal deficit in April-November touches 94% of annual target

(PTI) India's fiscal deficit touched Rs 5,09,557 crore during April-November, or 93.9 per cent of the annual target, the Controller General of Accounts (CGA) said today.

The government had fixed the target for the fiscal deficit -- the gap between expenditure and reveune -- at Rs 5,42,499 crore for this financial year.

The fiscal deficit was 80.4 per cent of the budget estimate at the end of November in 2012-13.

The government has repeatedly asserted that the fiscal deficit would be restricted to 4.8 per cent of GDP, down from 4.9 percent in 2012-13. Finance Minister P Chidambaram had on several occasions said the fiscal deficit target is a red line that would not be breached.

According to the CGA, revenue receipts totalled Rs 5,02,691 crore during April-November, or 47.6 per cent of the budget estimate. The government is aiming at revenue of Rs 10,56,331 crore in the year ending March 2014.

The government's expenditure was Rs 10,21,195 crore during April-November or 61.3 per cent of the budgeted Rs 16,65,297 crore for this financial year.

The revenue deficit at Rs 3,93,019 crore at the end of November has crossed the year's target of Rs 3,79,838 crore.