Fiscal deficit touches 121.5% of full-year goal in January on account of decrease income collections

New Delhi: Fiscal deficit touched 121.5 % of the full-year revised goal of Rs 6.34 lakh crore on the finish of January on account of decrease income collections, authorities information confirmed on Tuesday.

The fiscal deficit, or the hole between the federal government’s expenditure and income, stood at Rs 7.70 lakh crore throughout April-January of the present monetary yr ending March.

At the tip of January 2018, the deficit was 113.7 % of the Revised Estimate (RE).

Representational picture. Reuters

The authorities had budgeted to chop the fiscal deficit to three.Three % of GDP or Rs 6.24 lakh crore in 2018-19, from 3.53 % within the earlier monetary yr.

However, within the Interim Budget 2019-20, the fiscal deficit was revised upwards marginally to three.four % of GDP or over Rs 6.34 lakh crore, on account of further outlay of Rs 20,000 crore for funding revenue scheme for small farmers.

According to the information launched by the Controller General of Accounts (CGA), the income receipts of the federal government totalled Rs 11.81 lakh crore or 68.Three % of RE until January in 2018-19, in contrast with 72.eight % throughout the identical interval final fiscal.

According to RE, the federal government expects to mop up Rs 17.29 lakh crore income throughout the present fiscal, from Rs 17.25 lakh crore budgeted initially.

Tax income was 68.7 % of RE, in contrast with 76.5 % within the comparable interval of the earlier yr.

According to the CGA information, the overall expenditure of the federal government at January-end was Rs 20.01 lakh crore or 81.5 % of RE. The whole expenditure for the present fiscal has been raised to Rs 24.57 lakh crore within the RE, from the budgeted Rs 24.42 lakh crore.

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