FY13 fiscal deficit at 4.9% on higher non-tax revenue

Buoyed by non-tax revenue collection, the FY 13 fiscal deficit has come in at 4.9 percent versus budgeted estimate of 5.2 percent. Non-tax revenue was higher by Rs 8000-10,000 crore. The revenue deficit in fiscal 2013 has come in at 3.6 percent.

CNBC-TV18 had earlier reported that the finance ministry was expecting the fiscal deficit for FY13 to surprise the street. In the in the previous fiscal, indirect tax receipts slightly exceeded targets while direct tax receipts had missed targets by about Rs 5000 crore 

Meanwhile, the economic growth in the fourth quarter has come bang in line with the CNBC-TV18 poll, at 4.8%. The GDP growth figure for the third quarter has been revised to 4.7 percent vs 4.5 percent earlier. FY13 GDP grew at 5 percent, lowest in a decade, versus 6.2 percent year-on-year. The farm sector grew at a slower pace of 1.4 percent while manufacturing picked up to 2.6 percent services saw the community, social and personal services growth to come in at 4 percent.