India’s April-May fiscal deficit touches 43% of budget estimates | business-news | Hindustan Times
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India’s April-May fiscal deficit touches 43% of budget estimates

India’s fiscal deficit during April-May at Rs 2.28 lakh crore touched 42.9% of the Budget estimates for fiscal 2016-17, as compared to the 37.5% it had reached in the same period a year ago, government data showed on Thursday.

business Updated: Jul 01, 2016 00:35 IST
As per the Controller General of Accounts, the deficit, or the gap between expenditure and revenue for the entire current fiscal, has been pegged at Rs 5.33 lakh crore.
As per the Controller General of Accounts, the deficit, or the gap between expenditure and revenue for the entire current fiscal, has been pegged at Rs 5.33 lakh crore.(file photo)

India’s fiscal deficit during April-May at Rs 2.28 lakh crore touched 42.9% of the Budget estimates for fiscal 2016-17, as compared to the 37.5% it had reached in the same period a year ago, government data showed on Thursday.

As per the Controller General of Accounts, the deficit, or the gap between expenditure and revenue for the entire current fiscal, has been pegged at Rs 5.33 lakh crore.

Tax revenue during the period in question yielded Rs 49,690 crore, or 4.7% of the estimate.

Total receipts, from revenue and non-debt capital, during the two months, were Rs 69,060 crore, or 4.8% of the estimates for the current fiscal.

Total expenditure of the government during April-May was Rs 2.98 lakh crore, or 15.1% of the entire fiscal’s estimates.

The revenue deficit during April-May was over Rs 1.99 lakh crore, or 56.2% of the estimates.

The government has set the target of restricting the current fiscal’s deficit at 3.5% of the GDP or to Rs 5.33 lakh crore.