Fiscal deficit widened to 77.8 per cent of the budgetary estimates in the first four months of financial year 2019-20 to reach Rs 5.47 lakh crore. Data released by Controller General of Accounts (CGA) on Friday showed that the fiscal deficit in the year ago period was 86.5 per cent of the budget estimate.
The government has retained the fiscal deficit target of 3.4 per cent of the GDP, or Rs 7.03 lakh crore for the ongoing financial year.
The total receipts for the April-July period was recorded at Rs 3.99 lakh crore, which remained unchanged at 19.2 per cent of the budget estimate on an annual basis. The government has set a total receipts target of 20.82 lakh crore for the financial year 2019-20. Net tax receipts for the period under review stood at Rs 3.39 lakh crore, or 20.5 per cent of the budget estimate. The same for the year-ago period was 19.8 per cent.
The government data showed that, in absolute terms, revenue receipts stood at Rs 3.82 lakh crore during April-June, 2019-20, or 19.5 per cent of the budget estimate. It also remained unchanged on year-on-year basis. During the entire year, the revenue receipts have been pegged at Rs 19.62 lakh crore.
The total expenditure till June 2019 was Rs 9.47 lakh crore, or 34 per cent of the budget estimate, as opposed to 36.4 per cent during the corresponding period last year. The government has set a total expenditure target of Rs 27.86 lakh crore for the ongoing fiscal. The capital expenditure was Rs 1.07 lakh crore, or 31.8 per cent of the budget estimate. This compares with 37.1 per cent in the year-ago period, the CGA said.
The CGA further said the fiscal deficit figure in monthly accounts during a financial year is not necessarily an indicator of fiscal deficit for the year.
Its data gets impacted by temporal mismatch between flow of non-debt receipts and expenditure up to that month on account of various transitional factors both on receipt and expenditure side, which may get substantially offset by the end of the financial year.