India's April-June fiscal deficit at $49.2 bn

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SME Times News Bureau | 01 Aug, 2014
Country's fiscal deficit during the first quarter (April-June) of 2014-15 touched Rs.2.97 lakh crore (USD 49.2 billion), or 56.1 percent of the full-year target, government data showed here Thursday.

The deficit was 48.4 percent in the corresponding period during the previous fiscal.

The fiscal deficit was Rs.5,08,149 crore or 4.5 percent of the gross dromestic product (GDP) in 2013-14, down from 4.9 percent in the previous fiscal year.

The government had put in place a fiscal consolidation roadmap as per which the fiscal deficit has to be brought down to 3 percent of the GDP by 2016-17, reports another news agency PTI.

The Finance Minister, Arun Jaitley in his Budget 2014-15 speech pledged to restrict the deficit to 4.1 percent of the GDP, as was proposed in the interim Budget.

The data released by the Controller General of Accounts further revealed that the total expenditure of the government during April-June was Rs. 4.13 lakh crore or 23 percent of the entire year estimates.

Of the total expenditure, plan spending was Rs. 1,11,806 crore and under non-plan head it was Rs. 3,01,797 crore.

Revenue collection was Rs. 1,14,427 crore or 9.6 percent of the estimate. It was 11.1 percent of the estimates in 2013-14.

Total receipts (from revenue and non-debt capital) of the government during the three months was Rs. 1,15,744 crore.

The data said revenue deficit in the three months was Rs. 2,49,358 crore or 65.9 percent of the estimates.