New Delhi : Country’s fiscal deficit touched Rs 5,16,390 crore or 95.2 per cent of the annual target during April-December, the Controller General of Accounts said.
The government had fixed the fiscal deficit target– the gap between expenditure and revenue — at Rs 5,42,499 crore or 4.8 per cent of the GDP in Budget 2013-14.
The fiscal deficit in the same period last year was 78.8 per cent of the budget estimate. The government had repeatedly asserted that the fiscal deficit would be restricted to 4.8 per cent of GDP, down from 4.9 per cent in 2012-13.
Finance Minister P Chidambaram had on several occasions said the fiscal deficit target is a red line that would not be breached.
Tax mop-up slows
The government’s tax collections in Apr-Dec rose 9.2% on year to 7.437 trln rupees, the Controller General of Accounts said.
The growth in tax collections during the first nine months of the financial year was sharply lower compared with 19.2% growth projected in the Budget for the whole of 2013-14 (Apr-Mar).