The Centre’s fiscal deficit during April-January stood at Rs 5.64 lakh crore or 105.7% of the Budget estimate for the full fiscal year 2016-17, government data showed Tuesday.
Analysts say a spurt in tax collection at the end of March coupled with that from Income Disclosure schemes may help the government meet its fiscal targets.
On February 1, finance minister Arun Jaitley in his Budget revised the fiscal deficit at Rs 5.34 lakh crore for 2016-17, which in terms of GDP remained at 3.5% as estimated in the budget last year. For 2017-18, the fiscal deficit is projected at Rs 5.47 lakh crore or 3.2% of the GDP.
The government’s total expenditure during the first 10 months was at Rs 16.18 lakh crore or 81.8% of the budget target while total receipts were at Rs 10.53 lakh crore or 72.9% of the budget estimate (BE).
The plan spending was at Rs 4.43 lakh crore or 80.6% of BE for 2016-17 while non-plan expenditure were at Rs 11.74 or 82.2% of the BE.
Tax receipts were at Rs 8.16 lakh crore or 77.4% of the full year’s target. Tax revenues pick up in the last few months of fiscal year while spending is normally front-loaded.
During April-January, the government’s revenue deficit was at Rs 4.05 lakh crore or 114.4% of BE.