Q1 fiscal deficit shoots up 31% to Rs 54,517 crore

New Delhi, Aug 1 | Updated: Aug 2 2005, 05:30am hrs
The governments fiscal deficit has shot up by 31% to Rs 54,517 crore at the end of the first quarter of the current financial year. The government finances have deteriorated mainly because of high expenditure and low non-debt capital realisation.

However, buoyant tax collections kept revenue deficit only marginally higher at Rs 47,311 crore in April-June this fiscal compared to Rs 46,394 crore during the corresponding period last fiscal, according to the figures of the Controller General of Accounts .

However, the realisation under the non-debt capital receipts have gone down drastically because of drying up of the debt swap scheme of the Union government.

As far as revenue deficit is concerned, till the end of June it worked out to be 49.6% of the budgeted Rs 95,312 crore for 2005-06, while fiscal deficit amounted 36.1% of Rs 1,51,144 crore estimated for the entire fiscal.

Total receipts amounted to Rs 39,067 crore, which was 10.8% of the budgeted Rs 3,63,200 crore for the entire fiscal. Tax collections alone amounted to Rs 31,668 crore during April-June this year, which is 30% more than Rs 24,306 crore in the year-ago period.

As a percentage of Budget target, the tax mop-up was 11.6% during the first quarter of this fiscal. Last year, the Centres revenue collection till June was 10.4% of the Budget estimates.

On the spending side, total expenditure shot up to Rs 93,584 crore in the first three months of the fiscal, which was 18.2% of the budgeted Rs 5,14,344 crore. Last year, the government incurred an expenditure of Rs 89,691 crore in the first quarter, which was 18.8% of the Budget estimates.

There have been some improvement in the composition of government expenditure. The non-Plan expenditure during first quarter at Rs 69,330 crore was 18.7% of the Budget estimates, while it was 20.1% of the Budget estimates in the corresponding quarter of last fiscal.

On the other hand, Plan expenditure at Rs 24,254 crore was 16.9% of the Budget estimates compared to 15.8% expenditure recorded in the first quarter of the last fiscal.