The Reserve Bank of India has said that the available information on the finances of the Centre, during April-May 2008, indicates that revenue deficit and gross fiscal deficit were higher than a year ago, both in absolute terms and as a proportion to budget estimates. The gross primary deficit in April-May 2008 was also higher than a year ago. The widening of the fiscal deficit of the Centre, during April-May 2008 was mainly on account of a sharp rise in plan expenditure over April-May 2007, said RBI, in its first quarterly review of its macroeconomic and monetary developments. Non-plan expenditure was contained mainly due to moderation in the growth of interest payments and major subsidies.
Revenue, gross deficit higher than year-ago figures
The Reserve Bank of India has said that the available information on the finances of the Centre, during April-May 2008, indicates that revenue deficit and gross fiscal deficit were higher than a year ago, both in absolute terms and as a proportion to budget estimates.
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