Fiscal deficit crosses 80% of full-year target in Apr-Nov

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Fiscal deficit crosses 80% of full-year target in Apr-Nov
Fiscal deficit numbers released on the last day of the year 2012 showed that India's worries were far from over. According to Controller General of Accounts (CGA), the the fiscal deficit -- gap between expenditure and revenue collection -- was Rs 4.13 lakh crore during the first eight months of the current fiscal, representing over 80 per cent of the full year's target.

The finance minister P Chidambaram has been expecting the fiscal deficit to come at around 5.3 per cent of GDP in the current fiscal as against 5.1 per cent estimated earlier.

The data showed that during Apr-Nov period, the net tax receipts stood at Rs 3.7 lakh crore, while total expenditure was about Rs 8.67 lakh crore.

India's fiscal deficit has been burning on the fuel, fertiliser and food subsidy outgo which are the major reasons for the ballooning fiscal deficit.

Though the government has taken series of steps in previous year to curb this deficit, the real game-changer plan takes effect from January 1, 2013 with Direct Cash Transfer scheme.

Dion Global Solutions Ltd

Read more about: fiscal deficit
Story first published: Tuesday, January 1, 2013, 9:30 [IST]
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