India Apr-Oct Fiscal Deficit Hits Rs 4.76 Lakh Crore

India’s April October fiscal deficit was Rs 4.76 lakh crore at the end of October, a staggering 89.6 per cent of the full year target of Rs 5.31 lakh crore. For April-October last year, the fiscal deficit was 84.4 per cent of the FY14 target.

Net tax revenues for April-October 2015 were about Rs 3.69 lakh crore, or 37.7 per cent of FY15 budgeted estimates (BE) of Rs 9.77 lakh crore, while non-tax revenue for the period was Rs 1.11 lakh crore, about 52.3 per cent of FY15 BE of Rs 2.12 lakh crore. For the same period of last year, tax and non-tax revenues had reached 40.3 per cent and 57.8 per cent of FY14 targets, respectively.

 Non-debt capital receipts were Rs 6,264 crore, or 8.5 per cent of FY15 BE of Rs 73,952 crore, compared with 12.2 per cent for the same period last year, mainly on account of not even a single disinvestment moving this year.

Non-Plan expenditure was Rs 6.95 lakh crore for April-October, or 57 per cent of FY15 BE of Rs 12.20 lakh crore, compared with 59 per cent for the same period last year. Plan spending for April-October was Rs 2.67 lakh crore, or 46.4 per cent of FY15 BE of 5.75 lakh crore, compared with 48.3 per cent for the same period last fiscal.