Fiscal Deficit Soars To 132.4% Of FY20 Target

India's fiscal deficit widened further in December as gap between the government's revenue and expenditure widened to Rs 9.31 lakh crore as of December, according to data released by the Controller General of Accounts. This is 132.4% of the budgeted estimate of Rs 7.04 lakh crore for 2019-20.

The Government of India has received Rs.11,77,922 crores (56.6% of corresponding BE 19-20 of Total Receipts) up to December 2019 comprising Rs. 9,04,944 crore Tax Revenue (Net to Centre), Rs. 2,41,953 crore of Non Tax Revenue and Rs. 31,025 crore of Non Debt Capital Receipts. Non Debt Capital Receipts consists of Recovery of Loans (Rs. 12,925 crore) and Disinvestment Proceeds (Rs. 18,100 crore).

Rs.4,76,113 crores has been transferred to State Governments as Devolution of Share of Taxes by Government of India up to this period which is Rs. 10,738 crores lower than the previous year.

Total Expenditure incurred by Government of India is Rs.21,09,647 crores (75.7% of corresponding BE 19-20), out of which Rs.18,54,125 crores is on Revenue Account and Rs.2,55,522 crores is on Capital Account. Out of the Total Revenue Expenditure, Rs.4,24,314 crores is on account of Interest Payments and Rs.2,52,038 crores is on account of Major Subsidies.

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