Fiscal deficit at 61% of target till November

Deficit lower on sharp rise in revenue receipts

2003-04
Actuals
( Rs crore)

% of actuals
to Budget
Estimates

2002-03
Actuals
( Rs Crore)

% of actuals
to Budget
Estimates

Revenue Receipts

1,37,084

54.0

1,23,629

50.4

Total Receipts

1,86,395

65.4

1,41,185

51.4

Total Expenditure

2,80,051

63.8

2,24,579

54.7

Fiscal Deficit

93,656

61.0

83,394

61.5

Revenue Deficit

76,701

68.3

67,888

71.2

Primary Deficit

23,818

78.3

16,210

89.4

In the same period of 2002-03, the deficit was 61.5 per cent of the GDP. This was possible because of a sharp rise in revenue receipts, based on healthy corporate tax and dividend inflow, which grew 14.1 per cent to Rs 1,37,084 crore, from Rs 1,20,190 crore in October this financial year. In the same period, expenditure was up 10.36 per cent to Rs 2,80,051 crore from Rs 2,53,770 crore. The increase in revenue receipts is backed by a substantial growth of tax revenues in the first eight months of the financial year. The net tax revenue is Rs 90,010 crore, which is 48.9 per cent of the Budget estimate, against Rs 80,346 crore at the same period in 2002-03. Net tax revenues have been boosted by an over Rs 5,000 crore increase in corporation tax, a Rs 2,243 crore rise in customs duties and a Rs 1,443 crore rise in income tax over last year