Nov core sector data weak; fiscal deficit at 87% of estimate

Moneycontrol BureauGrowth in eight core sectors of the economy declined 1.3 percent in November, compared to 3.2 percent growth in October. This once again underscores the patchy nature of the economic recovery.Cement, steel, crude oil and natural gas production declined month-on-month, and electricity production was unchanged. Fertilizer, refined petroleum products and coal output increased, but barring refined products, the pace of growth was slower.Fiscal deficit for April-November rose to Rs 4.83 lakh crore, and is now 87 percent of the FY16 Budget estimate. The government’s tax receipts are expected to fall short of estimates for the full year, but spending remains well within control.Government revenue and expenditure figures for April-November, as a percentage of FY16 Budget estimatesFiscal deficit Rs 4.83 lakh cr (87 percent) Tax receipts Rs 4.65 lakh cr (50.5 percent)Revenue deficit Rs 3.45 lakh cr (87.5 percent) Revenue receipts Rs 6.38 lakh cr (55.9 percent)Non-tax revenues Rs 1.73 lakh cr (78.1 percent) Plan spend Rs 2.98 lakh cr (64.1 percent) Non-plan spend Rs 8.44 lakh cr (64.3 percent) Total spend Rs 11.42 lakh cr (64.3 percent)Chart Below: