Fiscal deficit in April-November hits 94% of annual target

India's fiscal deficit touched Rs 5,09,557 crore during April-November, or 93.9 per cent of theannual target, the Controller General of Accounts (CGA) said today. The government had fixed the target for the fiscal deficit -- the gap between expenditure and reveune -- at Rs 5,42,499 crore for this financial year.

The fiscal deficit was 80.4 percent of the budget estimate at the end of November in 2012-13. The government has repeatedly asserted that the fiscal deficit would be restricted to 4.8 percent of GDP, down from 4.9 percent in 2012-13. Finance Minister P Chidambaram had on several occasions said the fiscal deficit target is a red line that would not be breached.

Also Read: RBI's Financial Stability report: Is devil in the details?

According to the CGA, revenue receipts totalled Rs 5,02,691 crore during April-November, or 47.6 per cent of the budget estimate. The government is aiming at revenue of Rs 10,56,331 crore in the year ending March 2014. The government's expenditure was Rs 10,21,195 crore during April-November or 61.3 per cent of the budgeted Rs 16,65,297 crore for this financial year. The revenue deficit at Rs 3,93,019 crore at the end of November has crossed the year's target of Rs 3,79,838 crore.