BUSINESS

Centre's fiscal situation under control

NEW DELHI OCT. 31. The Comptroller General of Accounts has reported the first six month's fiscal picture of the Central Government which shows that most of the critical parameters are doing well as compared to the situation in the comparative period last year.

The Centre's revenue receipts, for instance, have clocked Rs. 91,826 crores during April-September this year which works out to 37.5 per cent of the annual target of Rs. 245,105 crores. The performance in the first half of last fiscal was only 34.2 per cent of the target for that year.

Tax revenues during the period worked out to 35.7 per cent of the target at Rs. 61,762 crores, higher than 29.8 per cent recorded in the same period in 2001. However, non-tax revenues recorded a lower percentage of the annual target at 41.7 per cent while these were 44.5 per cent in the last fiscal comparable period.

Taken along with non-debt capital receipts, total receipts of the Central Government in the first half of the current fiscal worked out to 38.1 per cent of the target, higher than the 33.9 per cent registered last year. Incidentally, receipts from disinvestment of public sector enterprises fetched Rs. 3,022 crores while it was nil in the same months last year.

But on the expenditure side, non-Plan expenditure was higher at 40.5 per cent of the annual budget whereas it was 38.9 per cent in the comparable period of last fiscal. On the other hand, Plan expenditure was lower this year at 37.3 per cent while it was 39.8 per cent in the first half last fiscal.

Total expenditure, therefore, at Rs. 162,450 crores during April-September 2002 worked out to 39.6 per cent while it was 38.7 per cent last year.

The critical parameter of fiscal deficit was also under control at 42.6 per cent of the annual target, lower than the 49.2 per cent that was recorded during April-September last year.

This year, the fiscal deficit in actual terms was Rs. 57,746 crores against the annual target of Rs. 135,524, which, most economic agencies feel, would be surpassed by the end of the fiscal year.

The revenue deficit of the Central Government was 49.9 per cent of the annual target against 55.3 per cent in the same period last year while primary deficit was 48.5 per cent against a whopping 339.3 per cent in April-September 2001.

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