Fiscal deficit zooms to 61% of BE in April-June quarter

The state of public finances showed some deterioration with the fiscal deficit crossing 61 per cent of the Budget Estimates in the first quarter of 2016-17, on higher expenditure and subdued realisation of non-tax revenues.

The fiscal deficit, gap between expenditure and revenue, during the April-June period of the current financial year stood at over Rs 3.26 lakh crore or 61.1 per cent of budget estimates. The deficit was 51.6 per cent in the same quarter of last fiscal. The government estimates fiscal deficit in 2016-17 to be Rs 5.33 lakh crore or 3.5 per cent of GDP, reports PTI.

As per the data released by the Controller General of Accounts, tax revenue mop up was better than last year at Rs 1.57 lakh crore or 14.9 per cent of budget estimates.

Mop up from non-tax revenue, which include interest receipts and dividend, was lower at Rs 23,484 crore or 7.3 per cent of BE. It was 17.8 per cent on BE at the end of June.