The fiscal deficit was 2.33 per cent of the gross domestic product (GDP) for the first four months of the current fiscal, compared to the Budget target of 5.3 per cent.
The figures released by the Controller General of Accounts (CGA) for the period ended July 2002 show that the rise was fuelled by a Rs 23,369 crore jump in non-Plan expenditure, amounting to nearly 8 per cent of the projection for 2002-03.
However, the fiscal deficit was a shade better in comparison to the same period last year when it had touched 50 per cent of the Budget target at 2.54 per cent of the GDP. The rise in the non-Plan expenditure has, therefore, largely negated the improved revenue collections in the current fiscal so far.
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The total revenue collection till July 31 stood at Rs 42,470 crore, which was 17.3 per cent of the Budget target. The revenue receipts aggregated Rs 32,328 crore, or 13.9 per cent of the target, during the same period last year. The total expenditure for this fiscal had touched Rs 1,09,725 crore till July 2002 compared to Rs 94,333 crore till July last year.
According to the figures released by CGA, the net tax revenue at the end of July stood at Rs 32,221 crore, which was almost 19 per cent of the Budget target of Rs 1,72,965 crore. The disinvestment proceeds stood at Rs 3,007 crore.
Of the total expenditure, Plan expenses had reached Rs 28,724 crore but were marginally less than the last year