Economy

India's fiscal deficit reaches 96% of full-year target in August

India's fiscal deficit reaches 96% of full-year target in August”

However, within the first five months of the fiscal 2017-18, the deficit has touched over 96 per cent of the full year's target.

The Centre's fiscal deficit during the first five months (April-August) of the current fiscal was 96.1% of the Budget estimates at Rs 5.25 lakh crore, much higher than in the same duration a year ago.

The country's capital spending stood at Rs 1.1 lakh crore during the April-August period in FY18, up from Rs 91,300 crore in the corresponding period previous year.

India's revenue receipts stood at Rs 1,18,849 crore in August 2017 - totaling Rs 4,09,868 crore - 27% of BE. In absolute terms, 3.2% deficit for the current fiscal works out to almost Rs 5.47 crore, PTI reported in July.

Aditi Nayar, principal economist at Icra Ltd, said that after the surge in expenditure in the early months of fiscal 2018, the pace of spending was arrested in August.

While, the government is committed to fiscal deficit target of 3.2% for FY18. The revenue deficit during the period under review was over Rs 4.30 lakh crore, or 133.9 per cent, of the estimates.

Garg told reporters that the Rs25,000 crore capital expenditure will be over and above the Rs3.85 trillion budgeted for 2017-18.



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