non-tax revenue Current Affairs - 2019

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India’s April-February Fiscal Deficit at 134% of Target

India’s fiscal deficit stood at 134.2% of the full-year revised budgeted estimate at the end of February 2019. This humungous level of fiscal deficit is attributed to the tepid growth in revenue collections.

The fiscal deficit for April-February 2018-19 stood at Rs 8.51 lakh crore against the revised estimate (RE) of Rs 6.34 trillion for the entire year. The government has stated that it is committed to restricting the fiscal deficit at 3.4% of the Gross Domestic Product (GDP) as envisaged in the Budget.

The receipts of the government stood at Rs 12.65 trillion which is 73.2% of the revised budgetary estimate (BE) and the expenditure incurred by the government stood at Rs 21.88 trillion.

The tax revenue of the government stood at Rs 10.94 trillion and non-tax revenue was Rs 1.7 trillion.

Out of the Rs 21.88 trillion expenditure of government, Rs 19.15 trillion was on revenue account and Rs 2.73 trillion on capital account.

Of the total revenue expenditure, Rs 5.01 trillion was on account of interest payments and Rs 2.63 trillion on major subsidies. The government has also transferred Rs 5.96 lakh crore to the state governments as devolution of a share of taxes by the central government.