Apr-Aug fiscal deficit at 66.5% of Budget estimate

Net tax receipts were at Rs 2.99 lakh cr; total expenditure has increased to 7.2 lakh cr from 6.73 lakh cr a year ago

The fiscal deficit in the first five months of the current fiscal ended August stood at Rs 3.69 lakh crore, or 66.5%, of Budget estimates for 2015-16.

The fiscal situation in April-August showed some improvement over the corresponding period of the previous year as the deficit then stood at 74.9% of the Budget estimates.

The fiscal deficit -- the gap between expenditure and revenue -- for the entire current fiscal has been pegged at Rs 5.55 lakh crore.

As per the data released by the Controller General of Accounts, tax revenue was Rs 2.09 lakh crore, or 22.8%, of the estimate.

Total receipts (from revenue and non-debt capital) of the government during the first five months came in at Rs 3.6 lakh crore, or 29.7%, of the estimates for the current year.

The total expenditure of the government in April-August was nearly Rs 7.32 lakh crore, or 41.2% of the entire year estimate.

Of the total expenditure, plan spending was over Rs 1.86 lakh crore and non-plan over Rs 5.45 lakh crore.

The revenue deficit during the five months was over Rs 2.94 lakh crore, or 74.7%, of the estimates, the CGA data showed.

For 2015-16, the government aims to restrict fiscal deficit to Rs 5.55 lakh crore, or 3.9% of GDP.

The fiscal deficit was Rs 5.01 lakh crore, or 4% of GDP, in 2014-15, down from 4.1% pegged in the revised estimate.

Earlier this week, Finance Minister Arun Jaitley said he is confident of maintaining fiscal deficit at 3.9% in the current financial year.

The government is committed to meeting fiscal deficit target and continuing on the path of economic reforms, he said.