Skip to main content

India’s fiscal deficit up to February was 20% more than the revised estimates for FY18

By
India’s fiscal deficit up to February was 20% more than the revised estimates for FY18
 India’s fiscal deficit up to February was 20% more than the revised estimates for FY18 because of increased expenditure and subdued revenue receipts. Experts say that nontax revenues would now be crucial if North Block were to meet its FY18 fiscal-deficit target."The extent to which the nontax revenues can be shored up in March 2018 would crucially determine if the actual fiscal deficit for FY2018 breaches the revised estimate of Rs 5.94 lakh crore," said Aditi Nayar, principal economist, ICRA.
In the revised estimates for FY18, finance minister Arun Jaitley had in the budget presented on February 1estimated a fiscal deficit of 3.5% of GDP against the initial assessment of 3.2% of GDP.Fiscal deficit for FY19 is budgeted at 3.3% of GDP.Fiscal deficit in the April-Feb period stood at Rs 7.15 lakh crore, exceeding the revised target of Rs 5.94 lakh crore for the entire 2017-18 fiscal, as per data released by the Controller General of Accounts (CGA).
The monthly account until February-end revealed that the government has collected Rs 12.83 lakh crore revenue, which is 79.09% of revised estimates.Of this, over Rs 10.35 lakh crore is collected from taxes, while over Rs 1.42 lakh crore and Rs 1.05 lakh crore accrued on account of nontax revenue and non-debt capital receipts, respectively.
Tax revenues are the highest in March. The government is expected to meet the target.Non-debt capital receipts consist of recovery of loans of Rs13,301 crore. Besides, Rs 92,493 crore has been mopped up through PSU disinvestment until February-end. In the revised estimates for 2017-18, the government had raised the disinvestment target to Rs 1lakh crore, up from Rs 72,500 crore in the Budget estimates.
The government also expects more dividend from the Reserve Bank of India, which should lift the non-tax revenues.Total expenditure incurred by the government during the period was more than Rs 19.99 lakh crore, which is 90.1% of the revised estimates for 2017-18.
The Economic Times, New Delhi, 29th March 2018

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more