Fiscal Deficit Meets Government’s 3.5% Target
India's fiscal deficit narrowed in March to meet the government's revised target of 3.5 percent in financial year 2016-17.
In value terms, the April-March fiscal deficit stood at Rs 5.35 lakh crore compared to the revised target of Rs 5.34 lakh crore for the full financial year, according to data released by the Comptroller and Auditor General of India. The fiscal deficit target for FY17 had been set at 3.5 percent of the gross domestic product. India had breached the full-year target in January.
Revenue deficit for the April-March period reached 99 percent of the revised estimate at Rs 3.10 lakh crore.
Revenue from taxes surpassed the government's estimate and reached Rs 11 lakh crore. However, revenue from non-tax receipts reached just 81.9 percent of the revised full-year target.
Non-tax receipts generated by the end of March stood at Rs 2.74 lakh crore compared to Rs 3.3 lakh crore that the government aimed to achieve in 2016-17.
Total receipts (from revenue and non-debt capital) of the government stood at Rs 14.3 lakh crore or 97.3 percent of the revised estimates for the last financial year.
The government's total spending stood at Rs 19.7 lakh crore, which was actually 2 percent lower than its estimates. The planned expenditure component went up to Rs 5.7 lakh crore while Rs 14 lakh crore were spent on non-planned expenditure.
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