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Fiscal deficit down 6.3%

BS Banking Bureau in Mumbai

The Centre's gross fiscal deficit in the first quarter of 2002-03, at Rs 39,560 crore (Rs 395.60 billion), was 6.3 per cent lower than Rs 42,198 crore (Rs 421.98 billion) in the corresponding period of last year.

Further, the deficit constituted 29.2 per cent of the budget estimates -- Rs 1,35,524 crore (Rs 1,355.24 billion) -- as compared with 37.9 per cent during the same period of the previous year.

According to the Reserve Bank of India's annual report, the revenue deficit during the April-June 2002 period, at Rs 34,543 crore (Rs 345.43 billion), was higher by 6.5 per cent and constituted 36.2 per cent of the budget estimates (41.1 per cent in the same period of the previous year).

The gross primary deficit, at Rs 15,671 crore (Rs 156.71 billion), was lower by 36.5 per cent over the same period of the previous year.

Revenue receipts during the first quarter of 2002-03 was at Rs 29,864 crore (Rs 298.64 billion), up 38.1 per cent over April-June 2001-02, and represented 12.2 per cent of the budget estimates as compared with 9.3 per cent.

The net tax revenue to the Centre stood at 14 per cent of the budget estimates Rs 24,154 crore (Rs 241.54 billion) as against Rs 16,835 crore (Rs 168.35 billion) during April-June 2001-02. Non-tax revenues, at Rs 5,713 crore (Rs 57.13 billion), registered an increase of 19.3 per cent over Rs 4,788 crore (Rs 47.88 billion) in the previous corresponding period.

Aggregate expenditure, at Rs 75,715 crore (Rs 757.15 billion), was higher by 16.3 per cent, constituting 18.5 per cent of the budget estimates.

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