India’s fiscal deficit at 74 percent of target in 7 months

India’s fiscal deficit reached INR 4.11 trillion during April to October or 74 per cent of full-year target, government data showed on Monday. Total receipts from revenue and non-debt capital of the government during the first seven months read Rs.6.10 lakh crore. The government has already raised 50% of its budgeted receipts by the end of October, largely because of a jump in non-tax revenues.

The government is aiming a fiscal deficit of 3.9% of GDP in 2015-16 (Apr-Mar), a target the finance ministry has been saying is achievable on the back of strong tax collections.

As per the Controller General of Accounts, as opposed to a fiscal deficit target of Rs.555,649 crore, the actual number has been Rs.411,246 crore.

Plan expenditure during the period was Rs 2.70 lakh crore, reaching 58 per cent of the targeted sum, better than 46.4 per cent a year ago. For the same period previous year, revenue receipts were 40.4% of the BE. Non-Plan spending during the first seven months of FY16 stood at Rs 7.5 lakh crore, or 57.2% of the BE against 57% of the BE of FY15.

Revenue deficit during the seven months stood at Rs 2.87 lakh crore, or 72.9 per cent of the budget estimate for 2015-16. The fiscal deficit was Rs.5.01 trillion, or 4% of GDP, in 2014-15, down from 4.1% pegged in the revised estimate.