India's fiscal deficit for the first two months of the fiscal year 2020-21 has come in at around 4.66 lakh crore, as per the report released by the Centre. This means that within the first two months of FY21, the fiscal deficit numbers have hit nearly 59 percent of the total budgeted target for the current fiscal.
The total receipts up until May stand at Rs 45,498 crore, while the total expenditure incurred by the government during this period is Rs 5,11,841 crore.
"The Government of India has received Rs.45,498 crore (2.03% of corresponding BE 2020-21 of Total Receipts) upto May 2020 comprising Rs. 33,850 crore Tax Revenue (Net to Centre), Rs. 10,817 crore of Non Tax Revenue and Rs.831 crore of Non Debt Capital Receipts. Non Debt Capital Receipts consists of Recovery of Loans (Rs. 831 crore). Rs. 92,077 crore has been transferred to State Governments as Devolution of Share of Taxes by Government of India up to this period which is Rs. 7,010 crore lower than the previous year," government said.
It added, "Total Expenditure incurred by Government of India is Rs. 5,11,841 crore (16.82% of corresponding BE 2020-21), out of which Rs. 4,56,635 crore is on Revenue Account and Rs. 55,206 crore is on Capital Account. Out of the Total Revenue Expenditure, Rs.78,265 crore is on account of Interest Payments and Rs.67,469 crore is on account of Major Subsidies."
The April-May 2020 data released by the government also highlights that the revenue deficit during the said period stands at around Rs 4.12 lakh crore as against Rs 3.21 lakh crore in the year-ago period.