New Delhi: The government's fiscal deficit during the April-February period in the current financial year stood at Rs 4.93 lakh crore, or 95 percent of the revised estimates.
At the end of the 11 months ending February, the fiscal deficit was Rs 4,93,571 crore or 94.6 percent of the target, the Controller General of Accounts (CGA) said today.
During the same period in the last fiscal year, the deficit was 68.6 percent of the budgeted target.
Earlier this month, the government revised upwards the fiscal deficit target for the 2011-12 fiscal to 5.9 percent of GDP, from 4.6 percent projected earlier.
The rise in fiscal deficit is mainly on account of high subsidy bill, increasing crude oil prices, low tax collection and poor realisation from sale of government equity in state-owned companies.
During April-February, total revenue receipts stood at Rs 5.92 crore and total expenditure was Rs 11.07 crore.
The estimated lower economic growth during the financial year could further deteriorate the fiscal situation as deficit is measured as a percentage of Gross Domestic Product (GDP).
The economic growth during the current fiscal is expected to be 6.9 percent as against the original estimate of about 9 percent.
Finance Minister Pranab Mukherjee in his budget for 2012-13 has suggested few measures to reduce the deficit and pegged the deficit to be around 5.1 percent next fiscal.
As per the CGA data, tax collection during April-February 2011-12 was Rs 4.94 lakh crore or 77 percent of the Revised Estimates (RE).
Similarly, the non-tax revenue collection totalled only Rs 99,335 crore or 80 percent of RE.
As per the CGA data, revenue deficit during the period was Rs 3.81 lakh crore.
First Published: Friday, March 30, 2012, 20:52