New Delhi: The fiscal deficit in the first quarter of 2014-15 was Rs 2.97 lakh crore or 56.1 per cent of Budget Estimates for the entire financial year. The fiscal deficit – gap between government expenditure and revenue – for the whole fiscal has been pegged at Rs 5.31 lakh crore.
During the April-June period of 2013-14 fiscal, the deficit was 48.4 per cent of Budget Estimates. The fiscal deficit was Rs 5,08,149 crore or 4.5 per cent of GDP in 2013-14, down from 4.9 per cent in the previous year. The government had put in place a fiscal consolidation roadmap as per which the fiscal deficit has to be brought down to 3 per cent of the GDP by 2016-17.