India`s fiscal deficit has mounted to Rs 56,079 crore during April-August, which amounts to 48.2 per cent of the budgeted Rs 1,16,314 crore for the entire fiscal, mainly on account of lower tax mop up. The fiscal deficit during the first five months increased to about 2.27 per cent of GDP compared to the targeted 4.7 per cent for the entire 2001-02.
According to figures released by the Controller General of Accounts (CGA), the relatively higher deficit was on account of the Rs 43,640 crore revenue deficit which the government has decided to keep within Rs 78,821 crore for the entire fiscal.
Total revenue receipts were at Rs 56,209 crore which is 24.3 per cent of the targeted Rs 2,31,745 crore for 2001-02. Tax revenues were at Rs 31,015 crore as against the targeted Rs 1,63,031 crore, while non-tax revenues were at Rs 25,194 crore as against the total Rs 68,714 crore estimated for the entire fiscal.
Bureau Report