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India's fiscal deficit at Rs 55,496 cr during Apr-Aug

The Centre managed to keep its fiscal deficit at Rs 55,496 crore (Rs 554.96 billion) during the first five months as against Rs 1,35,524 crore (Rs 1,355.24 billion) budgeted for the entire fiscal through higher revenue collections.

The fiscal deficit till April-August, which amounts to 2.17 per cent of GDP, was mainly on account of higher interest payments of Rs 41,714 crore.

According to figures released by the Controller General of Accounts, the fiscal deficit till August was 40.9 per cent of the budget target compared to 48.2 per cent in the year-ago period.

While total expenditure was Rs 1,32,361 crore (Rs 1,323.61 billion) during the first five months, total receipts amounted to Rs 76,865 crore (Rs 768.65 billion) leading to a Rs 55,496 crore (Rs 554.96 billion) fiscal gap.

Receipts were relatively higher due to buoyancy in tax collections at Rs 41,138 crore (Rs 411.38 billion) till August although non-tax receipts was relatively lower.

As a result, revenue deficit during April-August was relatively lower at Rs 45,525 crore (Rs 455.25 billion), which was 47.7 per cent of the budget estimate for the entire 2002-03, compared to 55.4 per cent in the year-ago period.

Primary deficit, the difference between fiscal deficit and non-plan revenue expenditure, was narrowed down to Rs 13,782 crore (Rs 137.82 billion) during April-August 2002-03.

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