India's April-February fiscal deficit hits 134% of annual target
29 March 2019
India’s fiscal deficit touched Rs8,51,499 crore ($123.07 billion) in the first 11 months of the current financial year (April-February 2018-19) hitting 134.2 per cent of the budgeted target for the current fiscal, government data released on Friday showed.
Presenting the annual budget for 2019-20 in February, the government had revised upward its fiscal deficit target to 3.4 per cent of GDP for the current fiscal year from the previously estimated 3.3 per cent budgeted target.
The monthly account of the union government up to February 2019 for the financial year 2018-19 released today showed the government received Rs13,37,340 crore (73.37% of corresponding RE 18-19 of total receipts) up to February 2019 comprising Rs10,93,923 crore tax revenue (net to centre), Rs1,71,755 crore of non-tax revenue and Rs71,662 crore of non-debt capital receipts. Non-debt capital receipts consist of recovery of loans (Rs15,042 crore) and divestment of PSUs (Rs56,620 crore).
An amount of Rs5,96,667 crore has been transferred to the state governments as devolution of share of taxes for the period, which is Rs67,043 crore higher than that of the corresponding period last year (2017-18).
Total expenditure incurred by government of India stood at Rs21,88,839 crore (89.08 per cent of corresponding RE 18-19), out of which Rs19,15,303 crore is on revenue account and Rs2,73,536 crore is on capital account. Out of the total revenue expenditure, Rs5,01,160 crore is on account of interest payments and Rs2,63,868 crore is on account of major subsidies, the official release stated.