India’s fiscal deficit in the four months through July stood at Rs 5.47 lakh cr or 77.8% of the budgeted target for the current fiscal year, as per government data showed on Friday. The deficit during the quarter was 77.8% of the Rs7.03 lakh cr target for FY20.
The revenue gap during April-July has been pegged at Rs4.57 lakh cr vs. Rs4.42 lakh cr yoy.
Spending during the quarter was at Rs9.47 lakh cr vs. Rs 8.89 lakh cr. Receipts came in at Rs3.97 lakh cr vs. Rs3.49 lakh cr in the comparable period a year ago.
The Government of India has received Rs.3,99,673cr (19.19% of corresponding BE 19-20 of Total Receipts) upto July 2019 comprising Rs3,38,705cr Tax Revenue (Net to Centre), Rs43,905cr of Non-Tax Revenue and Rs17,063cr of Non-Debt Capital Receipts. Non Debt Capital Receipts consists of Recovery of Loans (Rs4,705cr) and Disinvestment Proceeds (Rs12,358cr).
Rs1,99,912cr has been transferred to State Governments as Devolution of Share of Taxes by Government of India upto this period which is Rs12,502cr lower than the previous year.
Total Expenditure incurred by Government of India is Rs9,47,278cr (34.0% of corresponding BE 19-20), out of which Rs8,39,673cr is on Revenue Account and Rs.1,07,605cr is on Capital Account. Out of the Total Revenue Expenditure, Rs1,83,524cr is on account of Interest Payments and Rs.1,69,660cr is on account of Major Subsidies.
Meanwhile, the government on Friday has set a fiscal deficit target of 3.4% for 2019/20, same as 2018/19.