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Fiscal deficit reaches 65.6% of Budget estimates during H1: CAG
SME News, Thursday, Nov 01, 2012 14:30:10 PM IST
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NEW DELHI: Fiscal deficit during the first six months of FY13 touched 65.6% of the budget projections, which is little improved as against the 68% in the same period last year, said Controller General of Accounts (CGA) data. Fiscal deficit is the gap between expenditure and revenue collection.
In regard to absolute terms, the fiscal deficit touched Rs 3.36 lakh crore during the first half of FY13.
The slight improvement in fiscal deficit position is due to few tightening in regard to expenditure.
Centre has increased the fiscal deficit target for the present financial year to 5.3% from the Budget projections of 5.1% of GDP.
Moreover, Centre will be continuing with the efforts to stop fiscal deficit in FY13 to 5.3% of Gross Domestic Product (GDP) and lower it to 3% by FY17, said Finance Minister P Chidambaram.
He added, “Every effort will also be made to realise the revenue budgeted under tax receipts. Government also expects to be able to contain and economise on expenditure, both on Plan and non-Plan side.”
The overall expenditure of Centre slipped marginally to 46.5% as compared to 47.6% in the year-ago period.
