The central government's fiscal deficit more than doubled to Rs2.2 lakh crore during the first four months of the current fiscal, on account of low revenue realisation and higher expenditure, as per the latest data of the Controller General of Accounts (CGA).
The deficit was Rs90,915 crore in April-July period of 2010. Fiscal deficit in the first four months of the financial year is almost 55% of the Budget estimate of Rs4.12 lakh crore for 2011-12.
Meanwhile, fiscal deficit is likely to remain over 5% in the current fiscal as against the budgetary estimate of 4.6%, due to slippages in revenue and increased spending, industry chamber FICCI said on Wednesday.
Fiscal deficit as a percentage of the gross domestic product during 2011-12 would be at least anywhere between 5.1% and 5.1%, it said.
"This estimate, could be even higher, in case, the government is unable to stick to the budgeted expenditure target," the chamber said.