India's Fiscal Deficit Reaches 120% Of Yearly Target In Apr-Oct

India's fiscal deficit for the April-October period stood at Rs 9.53 lakh crore, according to data released by the Controller General of Accounts on Friday, which is 119.7% of Rs 7.96 lakh crore of the budget target.

The revenue gap for the same period stood at Rs 7.72 lakh crore vs Rs 5.46 lakh crore on a yearly basis.

A release from the Ministry of Finance showed that the government received Rs 7,08,300 crore (31.54% of the Budgeted Estimates for 2020-21) up to October, comprising Rs 5,75,697 crore Tax Revenue (Net to Centre), Rs 1,16,206 crore of Non-Tax Revenue and Rs 16,397 crore of Non-Debt Capital Receipts.

Non Debt Capital Receipts consists of Recovery of Loans (Rs 10,218 crore) and disinvestment proceeds (Rs 6,179 crore). Amount transferred to the state governments as Devolution of Share of Taxes by the central government up to this period is Rs 2,97,174 crore, which is Rs 69,697 crore lower than the previous year.

Total expenditure incurred by the Government of India is Rs 16,61,454 crore during the period (54.61% of Budgeted Estimate of 2020-21), out of which Rs 14,64,099 crore is on Revenue Account and Rs 1,97,355 crore is on Capital Account.

Out of the Total Revenue Expenditure, Rs 3,33,456 crore is on account of Interest Payments and Rs 1,85,400 crore is on account of Major Subsidies.