Fiscal deficit has touched 97.4 per cent of the budget estimates during April-February period of the current fiscal.
In absolute terms, the fiscal deficit (gap between expenditure and revenue receipts) stood at over Rs 5.07 lakh crore at the end of February, according to the data released today by the Controller General of Accounts.
The Government has estimated the fiscal deficit for the current fiscal at Rs 5,13,590 crore or 5.1 per cent of GDP in the Budget for 2012-13.
However, in the revised estimate, it pegged the deficit at 5.2 per cent for the fiscal ending March 31, 2013.
Subsidy outgo
The fiscal deficit rose from the budgeted levels due to the rising subsidy outgo. To contain it at 5.2 per cent, the Government has taken a number of steps like rationalisation of expenditure including 10 per cent mandatory cut on non-plan expenditure.
Besides, steps have been taken to cut the subsidy outgo on petroleum products.
Fiscal deficit in the corresponding period last year was 94.6 per cent of the budget estimates.
Expenditure, receipts
Expenditure during the current fiscal was 85.2 per cent of the budget estimates against 83.9 per cent in the same period last fiscal.
Total expenditure stood at over Rs 12.19 lakh crore and total receipts stood at over Rs 7.12 lakh crore or 78.3 per cent of the budget estimates.
Tax revenue
Tax revenue during the period was over Rs 5.71 lakh crore 77.1 per cent of the budget estimates compared with 76.9 per cent achieved in the same period last year.
The Government has rolled out the fiscal deficit road-map for the 12th Five-Year Plan. It estimates fiscal deficit to come down to 4.8 per cent in 2013-14 and to 3 per cent of GDP by 2016-17.
The Government bridges its fiscal deficit through market borrowings.