New Delhi, Oct 31: The government finances are deteriorating as the revenue deficit at the end of the first half has gone up to 78,313 crore, which is almost 142 percent of the Budget estimate for the entire year, reveals the data released by Controller General of Accounts (CGA).
The revenue deficit, the difference between the revenue receipts and current expenditure, was estimated at Rs 55,184 crore for the entire year.
The fiscal deficit, which is a measure of government borrowings, the data points out, went up to Rs 1.23 lakh crore at the end of September, which was 77 percent of the Budget estimate compared to 58.2 percent during the corresponding period last year.
Both fiscal and revenue deficits showed an increase because of lower receipts during April-September 2008 period.
The situation may deteriorate in the coming months as the current figures do not fully capture the impact of additional outgo towards the Sixth Pay Commission Award and several other expenses of the government.
The government has already sought an additional Rs 1 lakh crore through the first batch of supplementary demands for grants which will add to the total expenditure during the current fiscal. The supplementary demands were approved by Parliament last week.
Even the Finance Minister had earlier said, “Thanks to the global financial crisis, which is exerting pressures on all economies, it is likely that we may overshoot budget targets (for fiscal and revenue deficits)”.
According to the budget estimates, the Centre would be bringing down the fiscal deficit below the three percent and revenue deficit to 1-1.1 percent this year, he had said.
Bureau Report
Source: zeenews.com
()
Related Posts: