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Spending by the Indian Government outpaced revenue receipts by 2.1 lakh crore in the first half of 2012-13. This was equivalent to 65.6 per cent of the Budget estimates for the full fiscal. The revenue deficit, on the other hand, was Rs 2.6 lakh crore, equivalent to 75.1 per cent of the Budget estimate.
The primary deficit stood at Rs 2.1 lakh crore, overshooting the Budget estimate by 6.1 per cent. This was still an improvement vis-à-vis the corresponding period of the previous year, when it was 9.3 per cent higher than the Budget estimate.
The Central Government collected Rs 2.9 lakh crore in taxes during the first half of 2012-13, while non-tax revenue amounted to Rs 57,080 crore. This was equivalent to 38.1 per cent and 34.7 per cent respectively of Budget estimates for the full fiscal. The Centre had set a Rs 9.4 lakh crore target for revenue receipts this financial year.
Total revenue collections this year so far amount to 37.5 per cent of Budget estimates. In the corresponding period of 2011-12, revenue receipts amounted to 38.7 per cent of the Budget estimates.
Plan expenditure stood at Rs 2 lakh crore at the end of September 2012, accounting for 38.9 per cent of the Budget estimate, compared to 40.3 per cent a year ago. Plan expenditure on the revenue account stood at Rs 1.7 lakh crore — 39.8 per cent of the Budget estimate — while Plan expenditure on the capital account was Rs 35,240 crore.
Domestic financing at Rs 3.4 lakh crore accounted for 67 per cent of Budget estimates. A year ago, domestic financing had met 70 per cent of the Budget estimates within the first half. Market borrowings stood at Rs 3.3 lakh crore, which was 68 per cent of the Budget estimates, as 77 per cent last fiscal.
At Rs 6,230 crore, non-debt capital receipts achieved 15 per cent of their Budget target during the first half this year, in comparison to 23.2 per cent in the year-ago period. Recovery of loans stood at Rs 4,860 crore, equivalent to 41.7 per cent of the Budget estimate. In the previous year, 66.7 per cent of the Budget target was met by end-September.
Other receipts stood at Rs 1,370 crore, accounting for 4.6 per cent of Budget estimates. Non-Plan expenditure during the first half stood at Rs 4.9 lakh crore, indicating that 50.7 per cent of the Budget for the year has been expended. A year ago, 51.6 per cent of the Budget estimate for Non-Plan expenditure was met.
Non-Plan revenue expenditure, which accounted for 51.6 per cent of Budget estimates, stood at Rs 4.5 lakh crore and interest payments — a part of non-Plan revenue expenditure — stood at Rs 1.3 lakh crore, which was 41 per cent of the Budget estimate. A year ago, they accounted for 45.7 per cent of Budget estimates.
Non-Plan capital expenditure stood at Rs 44,600 crore, which was equal to 42.8 per cent of Budget estimates, in comparison to 54.5 per cent in the first half of 2011-12.
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