Fiscal deficit exceeds revised Budget estimates

New Delhi: Government’s fiscal deficit in the 10 months through January 2014 has overshot revised estimates of Rs 5.24 lakh crore for this fiscal provided by Finance Minister P Chidambaram in his interim Budget last week. According to the data released by Controller General of Accounts (CGA) today, the fiscal deficit during April-January 2013-14 worked out to be Rs 5.32 lakh crore or 101.6 percent of the revised estimates. [caption id=“attachment_1413143” align=“alignleft” width=“380”]  Union Finance Minister P Chidambaram. AFP[/caption] The government had in the budget for 2013-14 proposed to bring down the fiscal deficit to 4.8 percent of GDP or Rs 5.42 lakh crore. This figure, however, was revised downwards in the interim budget to Rs 5.24 lakh crore or 4.6 percent of the GDP. With actual figures for February and March yet to come, it would be difficult for the government to restrict fiscal deficit, which is a reflection of government’s market borrowings to revised level. As per the CGA data, the revenue deficit during the 10-month period through January was Rs 3,78,850 crore or 102.3 percent of the revised estimate. Government’s total expenditure, however, was only 79.8 percent of the revised estimates of Rs 15,90,434 crore. The data further revealed that revenue receipts during April-January period was Rs 7,21,905 crore or 70.1 per cent of the revised estimates. PTI