India's H1 FY14 fiscal deficit exceeds 75% of budget for entire fiscal

Posted By: Religare
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The fiscal deficit of the government for the first six months ended September 2013 has exceeded 75 per cent of the total budget estimate for the entire fiscal year 2013-14, showed the data released by government on Thursday.

The data released on Thursday showed that the fiscal deficit for the first six months of 2013-14 stood at Rs 4.12 lakh crore, which is around 76 per cent of Rs 5.43 lakh crore budgeted for the entire fiscal.

Undaunted by the numbers, Arvind Mayaram, secretary in the Department of Economic Affairs, said "We will meet the fiscal deficit target (4.8 per cent of gross domestic product, or GDP) for the current financial year."

Experts said that government will definitely miss the current year's target, unless it goes for huge cuts in plan expenditures as it did last year. But that is very unlikely given the fact that general elections are approaching next year, they added.

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