Government of India’s Finances during April-November 2014
The central government’s fiscal deficit for the first eight months of this financial year totaled Rs. 5.25 lakh crore, a staggering 98.9 per cent of the target of Rs. 5.31 lakh crore for the entire financial year. At this point last year, the deficit was 93.9 per cent of the BE.
Revenue receipts up to Nov., 2014 were Rs. 5.4 crore which is 45.5 percent of BE and it was 47.6 percent of BE during the same period of last year. Net tax revenue for April-November stood at Rs. 4.13 lakh crore, only 42.3 per cent of the FY15 Budget estimate ( BE) of Rs. 9.77 lakh crore, while non-tax revenue is Rs. 1.28 lakh crore (60.4 per cent of the BE of Rs. 2.12 lakh crore). For the corresponding period of 2013-14, tax and non-tax revenues stood at 44.8 per cent and 61.8 per cent of their respective FY14 targets.
The government’s overall expenditure during April-November was Rs. 10.74 lakh crore, or 59.8 per cent of BE, compared with 61.3 per cent for the year-ago period. Non-Plan expenditure was Rs. 7.8 lakh crore for April-November FY 2014-15, or 64.0 per cent of the BE of Rs. 12.2 lakh crore, compared with 65.8 per cent for the year-ago period.
Plan expenditure for the first eight months of this financial year stood at Rs. 2.93 lakh crore, or 51.1 per cent of the year’s BE of Rs. 5.75 lakh crore, compared with 52.4 per cent for the corresponding period last year.
In the budget the government has pegged its market borrowings at Rs. 4.96 lakh crore for the year 2014-15. As per the information for April-November the market borrowings stood at Rs. 3.63 lakh crore which accounts for 73 per cent of BE.
The revenue deficit stood at Rs 4.11 lakh crore during April-November which was 108.6 per cent of the budget estimate for 2014-15 as against 103.5 per cent in last year.