Economy

India's Fiscal Deficit Reaches 91.3% Of Full-year Target In September

India's Fiscal Deficit Reaches 91.3% Of Full-year Target In September”

India reported fiscal deficit of 4.99 trillion rupees ($77.09 billion) for April-September or 91.3 percent of the budgeted target for the current fiscal year that ends in March 2018.

The 2017-18 deficit, the difference between revenue and expenditure, has been pegged at Rs 5.46 lakh crore for 2017-18, as compared to the deficit of Rs 5.34 lakh crore for the last fiscal.

The parliamentary budget overseer is predicting a budget deficit in the current fiscal year that's nearly $2 billion higher than was forecast in the government's fall fiscal update last week.

According to the CGA data, tax revenue during the period under review was Rs 6.23 lakh crore, or 41.1 per cent of the estimates, while total receipts from revenue and non-debt capital during the fiscal's first half were Rs 6.50 lakh crore, or 40.6 per cent of the estimates for the current year.

For 2017-18, the government aims to bring down the fiscal deficit to 3.2 per cent of the GDP.

As per the CGA data, the government's total expenditure had been increasing on sequential basis and totalled Rs11.49 lakh crore at September-end or 53.5% of the budget estimates.

The latest report from the parliamentary budget officer says the deficit this year will be $20.2 billion, while Finance Minister Bill Morneau's last prediction was $18.4 billion.

It was at 133.9 per cent of the target between April and August this fiscal, although it was much lower at 91.9 per cent in the first six months of 2016-17. These receipts were at 41.2 per cent of the target in the year-ago period. The revenue expenditure, including interest payment, was 54.6% of the BE during April-Septemer 2017-18. This compares with 51.6% in the corresponding period of 2016-17.



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