Decrease in expenditure of Rs 10,787 cr in current fiscal year

Net tax revenues are estimated at Rs 1,42,348 cr, a shortfall of 20,683 cr

Union Finance Minister Yashwant Sinha told Parliament today that the revised estimates for the current fiscal year show a decrease in expenditure of Rs 10,787 crore as compared to the Budget estimates.

Net tax revenues for the Centre are estimated to be Rs 1,42,348 crore compared to the Budget estimate of Rs 1,63,031 crore, thereby reflecting a shortfall of Rs 20,683 crore.

The major shortfall is due to lower collection of Customs and Union Excise duties mainly due to the industrial slowdown. Non-tax revenue is estimated at Rs 70,224 crore, Rs 1,510 crore more than the estimated level of Rs 68,714 crore. However, disinvestment receipts, at Rs 5,000 crore are much lower than the Budget estimate of Rs 12,000 crore.

In the Budget estimates for 2002-2003, the total expenditure is estimated at Rs 4,10,309 crore, of which Rs 1,13,500 crore is for Plan and Rs 2,96,809 crore for non-Plan.

Plan Expenditure

The budget support for Central, State and UT Plans has been placed at Rs 1,13,500 crore, an increase of Rs 18,400 crore over Budget estimates of 2001-2002. This amounts to an increase of 19.35% over the last year, which is the highest increase in over a decade. Gross budgetary support for the Central Plan is being enhanced from Rs 60,276 crore in the revised estimates 2001-2002 to Rs 66,871 crore in 2002-2003.

Central Plan assistance to States and Union Territories in 2002-2003 is also proposed to be increased to Rs 46,629 crore from Rs 38,878 crore in the revised estimates 2001-2002. While the increase in Central Plan outlay is about 11%, the increase in Central assistance to State plans is nearly 20%..

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