The fiscal deficit in the 10 months through January, 2014, has overshot revised estimates of Rs.5.24 lakh crore for this fiscal provided by Finance Minister P. Chidambaram in his interim Budget last week.
According to the data released by the Controller General of Accounts (CGA) on Friday, the fiscal deficit during April-January 2013-14 worked out to be Rs.5.32 lakh crore or 101.6 per cent of the revised estimates.
The government had in the Budget for 2013-14 proposed to bring down the fiscal deficit to 4.8 per cent of GDP or Rs.5.42 lakh crore. This figure, however, was revised downwards in the interim Budget to Rs.5.24 lakh crore or 4.6 per cent of the GDP.
With actual figures for February and March yet to come, it would be difficult for the government to restrict the fiscal deficit, which is a reflection of government’s market borrowings to revised level.
As per the CGA data, the revenue deficit during the 10-month period through January was Rs.3.79 lakh crore or 102.3 per cent of the revised estimate.
Government’s total expenditure, however, was only 79.8 per cent of the revised estimates of Rs.15.90 lakh crore. The data further revealed that revenue receipts during April-January period were Rs.7.22 lakh crore or 70.1 per cent of the revised estimates.