Fiscal deficit up by 73% till Nov
The Financial Express, January 1, 2010, Page 2
Press Trust of India, New Delhi
The fiscal deficit rose by 73% to Rs 3.06 lakh crore in the first eight months of the fiscal against Rs 1.77 lakh crore a year ago, as the government cut taxes and stepped up expenditure to stimulate the economy hit by the global financial crisis.
At this level, fiscal deficit has already touched 76.4% of the budgeted estimate at Rs 4.01 lakh crore for the entire fiscal. To spur economic activity, the government initiated massive spending programmes and slashed duties from December last year. This has, in fact led, to revision of fiscal deficit from the estimated 2.5% of GDP last year to 6% this fiscal.
The Centre’s expenditure stood at Rs 6.21 lakh crore,while receipts were just Rs 3.15 lakh crore till November, leading to fiscal deficit of over Rs 3 lakh crore. In fact, the government has pegged total expenditure at record level of over Rs 10 lakh crore this fiscal, 60% of which has already been incurred till November.
Of more than Rs 6-lakh crore expenditure incurred by the Centre, 72% is accounted by non-Plan outgo including interest payments. The government’s tax collections at Rs 2.32 lakh crore contributed the most to its kitty. The revenue deficit, which is the excess of revenue expenditure like those in salaries over revenue income, rose to Rs 2.58 lakh crore till November, a rise of 82% over the last year’s figures of Rs 1.41 lakh crore.
The Financial Express, January 1, 2010, Page 2
Press Trust of India, New Delhi
The fiscal deficit rose by 73% to Rs 3.06 lakh crore in the first eight months of the fiscal against Rs 1.77 lakh crore a year ago, as the government cut taxes and stepped up expenditure to stimulate the economy hit by the global financial crisis.
At this level, fiscal deficit has already touched 76.4% of the budgeted estimate at Rs 4.01 lakh crore for the entire fiscal. To spur economic activity, the government initiated massive spending programmes and slashed duties from December last year. This has, in fact led, to revision of fiscal deficit from the estimated 2.5% of GDP last year to 6% this fiscal.
The Centre’s expenditure stood at Rs 6.21 lakh crore,while receipts were just Rs 3.15 lakh crore till November, leading to fiscal deficit of over Rs 3 lakh crore. In fact, the government has pegged total expenditure at record level of over Rs 10 lakh crore this fiscal, 60% of which has already been incurred till November.
Of more than Rs 6-lakh crore expenditure incurred by the Centre, 72% is accounted by non-Plan outgo including interest payments. The government’s tax collections at Rs 2.32 lakh crore contributed the most to its kitty. The revenue deficit, which is the excess of revenue expenditure like those in salaries over revenue income, rose to Rs 2.58 lakh crore till November, a rise of 82% over the last year’s figures of Rs 1.41 lakh crore.
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