Fiscal deficit for 2018-19 came in at 3.39% of the GDP (gross domestic product), marginally lower than the 3.4% projected in the revised estimates of the Budget, mainly on account of lower expenditure and increase in non-tax revenue.
In absolute terms, the fiscal deficit at the end of March 31, 2019, stood at ₹6.45 lakh crore as against ₹6.34 lakh crore in the revised estimates of the Budget.
The fiscal deficit for 2018-19 works out to 3.39% of the GDP, as per data released by the Controller General of Accounts (CGA).
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Although in absolute terms the fiscal deficit has gone up, as a percentage of GDP, the deficit figure has come down marginally, mainly on account of gross domestic product expansion in 2018-19.
GDP at current market prices in 2018-19 is estimated at ₹190.10 lakh crore, a 11.2% growth over ₹170.95 lakh crore in 2017-18.
Non-tax revenues during the 2018-19 fiscal stood at ₹2.46 lakh crore, marginally higher than the ₹2.45 lakh crore in the revised estimates of Budget.
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However, tax revenue lagged at ₹13.16 lakh crore during the last fiscal, as against ₹14.84 lakh crore in the revised estimates.
Total receipts stood at ₹16.66 lakh crore during the fiscal, compared to ₹18.22 lakh crore in the revised estimates.
Total expenditure at the end of 2018-19 fiscal was lower at ₹23.11 lakh crore as both capital and revenue expenditure were less than what was projected in the revised estimates. In the revised estimates, the government had projected the total expenditure at ₹24.57 lakh crore.
The CGA data also showed that fiscal deficit in April, the first month of 2019-20 fiscal, stood at 22.3% of the Budget estimates.
In absolute terms, the deficit stood at ₹1.57 lakh crore in April, while the full 2019-20 budget estimate is about ₹7.04 lakh crore.
Fiscal deficit, which is the difference between expenditure and revenue, was originally budgeted at 3.3% for 2018-19.
Upward revision
However, the government later revised upward the deficit to 3.4% in the revised estimates of 2018-19 Budget to accommodate extra spending on account of schemes for farmers.
For 2019-20, the fiscal deficit is budgeted at 3.4% of the gross domestic product.