Fiscal deficit overshoots full-year target in January

New Delhi: India's fiscal deficit touched Rs 5.64 lakh crore at the end of January, 105.7 percent of the full-year target, mainly due to lower realisation of non-tax revenue.

The fiscal deficit, reflection of government borrowing to meet revenue-expenditure gap, was 105.7 percent in the 10-month period of 2016-17 as compared to 95.8 percent in the similar period last financial year.

The government had budgeted a fiscal deficit of Rs 5,33,904 crore for the current fiscal ending March.

As per data released by the Controller General of Accounts (CGA), the revenue deficit during April-January at Rs 4.05 lakh crore works out to 114.4 prcent of the budget estimate. It was 87.8 percent in the corresponding period of the last financial year.

The total revenue receipt till January was Rs 10.09 lakh crore or 73.3 percent of the budget estimate, lower than 77.2 percent recorded in the year-ago period.

The major decline was witnessed in non-tax revenue as government got only 59.8 percent (Rs 1.93 lakh crore) of budget estimate. During April-January 2015-16, the non-tax revenue collection stood at 91 percent of that year's budget estimate.

Tax revenue during April-January 2016-17, however, was higher at Rs 8.16 lakh crore or 77.4 percent of the budget estimate, up from 73.8 percent last year.

The data showed government's plan expenditure during the period was Rs 4,43,354 crore and non-plan expenditure stood at Rs 11,74,303 crore.