India's fiscal deficit stood at Rs 9.53 lakh crore during April-October, which is 119.7 percent of Rs 7.96 lakh crore of the budget target, shows data released by Controller General of Accounts.
The revenue gap for the same period stood at Rs 7.72 lakh crore vs Rs 5.46 lakh crore on a yearly basis.
The fiscal deficit at the end of September 2020 was about 114.8 per cent of the annual budget estimate. In absolute terms, the fiscal deficit stood at Rs 9,53,154 crore at October-end, which is 119.7 per cent of the annual budget estimates, as per the data released by the Controller General of Accounts (CGA). In the first seven months of 2019-20, the deficit was at 102.4 per cent of the annual target.
According to the details, on a year-on-year basis, the fiscal receipts stood at Rs 7.08 lakh crore in comparison to Rs 9.34 lakh crore for April to October tenure. Capital expenditure (CapEx) stood at Rs 1.97 lakh crore against Rs 2.01 lakh crore during the same period.
The non-tax revenue from April to October 2020 stood at Rs 1.16 lakh crore in comparison to Rs 2.24 lakh crore. While the tax revenue stood at Rs 8.75 lakh crore against Rs 10.52 lakh crore on Y-o-Y basis.
Only in October 2020, the fiscal deficit stood at Rs 39,000 crore against Rs 68,000 crore in October 2019. While on a Y-o-Y basis, the revenue deficit declined from Rs 61,400 crore to Rs 9,400 crore.
Spending during the October month stood at Rs 1.82 lakh crore against Rs 1.66 lakh crore in 2019. The tax revenue stood at Rs 1.54 lakh crore in October 2020 ion comparison to Rs 1.32 lakh crore in 2019, while the receipts rose to Rs 1.43 lakh crore from Rs 97,400 crore in 2019.
For this financial year, the government had pegged the fiscal deficit at Rs 7.96 lakh crore or 3.5 per cent of the GDP in the budget which was presented by Finance Minister Nirmala Sitharaman in February 2020. These figures, however, may have to be revised significantly in view of the economic disruptions created by the outbreak of the coronavirus. Fiscal deficit had soared to a seven-year high of 4.6 per cent of the Gross Domestic Product (GDP) in 2019-20, mainly due to poor revenue realisation.