The macro picture: Fiscal deficit target for year crossed by February-end

Total revenue receipt till February was Rs 10.94 lakh crore or 76.9% of the budget estimate

India's fiscal deficit at the end of February worked out to Rs 6.05 lakh crore, 113.4 per cent of the full year target for the 2016-17 fiscal, mainly because of lower realisation on non-tax revenues.

The fiscal deficit, reflection of government borrowing to meet revenue-expenditure gap was at 113.4 per cent in the 11-month period as compared to 107.4 per cent in the similar period previous fiscal.

Government had budgeted a fiscal deficit of Rs 5.34 lakh crore for current fiscal ending today (March 31).

As per data released by the Controller General of Accounts (CGA), the revenue deficit during April-February at Rs 4.44 lakh crore works out to be 142.8 per cent of budget estimate.

It was 114.4 per cent in the corresponding period last financial year.

The total revenue receipt till February was Rs 10.94 lakh crore or 76.9 per cent of the budget estimate, lower than 78.5 per cent recorded in the year-ago period.

The major decline was witnessed in non-tax revenue as government got only 62.4 per cent at Rs 2.09 lakh crore of the budget estimate.

During April-February 2015-16, the non-tax revenue collection stood at 81.7 per cent of that year's budget estimate.

Tax revenue during April-February 2016-17, however, was higher at Rs 8.85 lakh crore or 81.3 per cent of the budget estimate, up from 77.7 per cent last year.

The data showed government's Plan Expenditure during the period was Rs 4.81 lakh crore and non-plan expenditure stood at Rs 12.71 lakh crore.