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Fiscal deficit dips 1% to Rs 554.96 billion

Rediff Money Desk

The Reserve Bank of India said on Tuesday that the gross fiscal deficit had reduced by one per cent in August 2002.

Unveiling the mid-term review of the Monetary and Credit Policy for 2002-03, RBI Governor Bimal Jalan said: "The gross fiscal deficit of the central government, at Rs 55,496 crore (Rs 554.96 billion) up to August 2002, was lower by about 1.0 per cent over the corresponding period of last year."

This constituted about 41 per cent of the Budget estimate for the current fiscal year, Jalan said.

Similarly, the revenue deficit of Rs 45,525 crore (Rs 455.25 billion) accounted for about 48 per cent of the budget estimate for the whole year.

The government's budgeted borrowing programme may get affected by lower than anticipated real economic activity, shortfall in divestment proceeds and higher expenditure on account of drought relief.

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