India Breaches FY17 Fiscal Deficit Target In January

India’s fiscal deficit target for financial year 2017 has been breached, as of the latest data released by the Comptroller and Auditor General of India on Tuesday, covering the April-January period.

The total figure stood at Rs 5.64 lakh crore at 105.7 percent of the budget estimate of Rs 5.34 lakh crore for the full financial year, or 3.5 percent of the country’s gross domestic product. The fiscal deficit had reached 95.8 percent of the budget estimate in the corresponding period in the previous financial year.

Revenue deficit reached 114.4 percent of the budget estimate at Rs 4.04 lakh crore.

Non-tax receipts generated by the end of January 2017 stood at Rs 1.9 lakh crore, around 59.8 percent of the budget estimate of Rs 3.2 lakh crore, data showed.

The government earned Rs 8.1 lakh crore revenue through taxes, which amounts to 77.4 percent of the Rs 10.5 lakh crore target for FY17.

Total receipts (from revenue and non-debt capital) of the government stood at Rs 10.5 lakh crore or 72.9 percent of the budgeted estimates for the current financial year.

The government's spending stood at Rs 16.1 lakh crore, touching 81.8 percent of its expenditure target. The planned expenditure component was Rs 4.4 lakh crore while Rs 11.7 lakh crore was spent on non-planned expenditure.