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Fiscal deficit during the first four months of the current fiscal breached 60 per cent of full year's target, raising concerns for the government, which aims to bring it down to 4.1 per cent by the end of the financial year.
According to the data released by the Controller General of Accounts today, the fiscal deficit for the April-July period stood at Rs 3,24,924 crore, 61.2 per cent of the Budget estimate of Rs 5,31,177 crore. The fiscal deficit – total receipts over total expenditure – was 62.8 per cent of the Budget estimate during the same period in the last financial year.
During the period, the government garnered just 14.2 per cent of the budgetary revenue target, to stand at Rs 1,79,016 crore. The government aims to mop up Rs12,63,715 crore in 2014-15. During the corresponding period last fiscal, the exchequer had raked in 16.1 per cent of the yearly target.
However, the expenditure during the four-month period crossed 28.1 per cent of the budgetary target to stand at Rs 5,03,940 crore. The total budgeted expenditure for the financial year stands at Rs 17,94,892 crore.