Financial Daily from THE HINDU group of publications
Wednesday, Sep 01, 2004
Financial Daily from THE HINDU group of publications Wednesday, Sep 01, 2004 |
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Economy Industry & Economy - Economy Growth in tax revenues helps rein in fiscal deficit Our Bureau
New Delhi , Aug. 31 BOLSTERED by a 20.12 per cent growth in net tax revenues, the Centre has managed to rein in its fiscal, revenue and primary deficit numbers so far during the current fiscal. During April-July 2004, the Centre's fiscal deficit — the gap between its total expenditure and current revenues plus non-debt capital receipts — stood at Rs 50,398 crore, which was lower than the Rs 52,518 crore for April-July 2003. The revenue deficit (current expenditure minus current revenues from both tax and non-tax sources) and primary deficit (fiscal deficit minus interest payments) numbers, too, were correspondingly lower at Rs 58,076 crore (Rs 61,373 crore) and Rs 13,780 crore (Rs 17,658 crore), respectively. On the revenue front, the Centre's revenue receipts during April-July 2004 were higher at Rs 46,884 crore (Rs 40,598 crore) due to improved performance on net tax revenues at Rs 35,022 crore (Rs 29,156 crore) as well as non-tax revenue - Rs 11,862 crore ( Rs 11,442 crore) collections. Non-debt capital receipts, too were higher Rs 26,014 crore (Rs 25,365 crore), with lower realisations from disinvestment Rs 25,829 crore (Rs 24,268 crore) being more than offset by higher loan recoveries Rs 185 crore (Rs 1,097 crore). As a result, total current and non-debt capital receipts during April-July amounted to Rs 72,898 crore, which was Rs 6,935 crore higher than the Rs 65,963 crore for the first four months of 2003-04. As a result, even though the Centre's total expenditure was higher at Rs 1,23,296 crore (Rs 1,18,481 crore), it resulted in a lower fiscal deficit. Within total expenditure, both non-Plan spending and Plan spending were higher at Rs 93,048 crore (Rs 89,558 crore) and Rs 30,248 crore (Rs 28,923 crore), respectively.
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