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Govt exceeds fiscal deficit target at end-February

Govt exceeds fiscal deficit target at end-February

Government has exceeded fiscal deficit target for the current financial year at the end of February but the final numbers for 2015-16 will be known once the March data is released.

Finance Minister Arun Jaitley while presenting the Budget on February 29 said the government would stick to the fiscal deficit target of 3.9 per cent of GDP for 2015-16 ending March 31.

However, as per the data released by Controller General of Accounts (CGA) today, the fiscal deficit for April-February 2015-16 was Rs 5.72 lakh crore or 107.1 per cent of the Budget Estimates of Rs 5.35 lakh crore (Revised Estimates).

The fiscal deficit in February of last financial year was 117.5 per cent.

The government is likely collect a significant revenue, both tax and non-tax including disinvestment in PSUs, in March. It has collected as much as Rs 4,500 crore through buyback of shares by PSUs.

During April-February period, government’s total receipts was Rs 9.83 lakh crore or 78.6 per cent of the Budget Estimates.

The net tax receipts was Rs 7.35 lakh crore (77.7 per cent of BE) and non-tax revenue was 2.11 lakh crore (81.7 per cent of BE) The CGA data revealed the Plan Expenditure of government was Rs 3.97 lakh crore and non-Plan Expenditure was Rs 11.58 lakh crore taking the total to Rs 15.55 lakh crore during April-February.

Further, the revenue deficit was Rs 3.9 lakh crore or 114.4 per cent.