India
The central government’s fiscal deficit widened further in November after crossing the budgeted target last month due to slower-than-expected growth in indirect tax collection
New Delhi: The country's fiscal deficit touched 114.8 % of the full-year target of Rs 6.24 trillion at the end of November on account of lower revenue collections, government data showed on Thursday.
The fiscal deficit, or gap between expenditure and revenue, stood at Rs 7.16 trillion during April-November of the current financial year, reflecting deterioration in public finances.
At the end of November 2017, the deficit was 112 % of the Budget Estimate (BE).
The government has budgeted to cut the fiscal deficit to 3.3 % of GDP in 2018-19, from 3.53 % in the previous financial year.
According to the data released by the Controller General of Accounts (CGA), the total revenue receipts of the government totalled Rs 8.7 trillion or 50.4 % of BE in 2018-19 till November, compared with 53.1 % during the same period last year.
The government has budgeted to mop up Rs 17.25 trillion revenue during the current fiscal.
Tax revenue was 49.4 % of BE, compared with 57 % in the comparable period of the previous year.
According to the CGA data, the total expenditure of the government at November-end was Rs 16.13 trillion or 66.1 % of BE. The expenditure in terms of percentage of BE was higher in the year-ago period.
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