The government on Wednesday said it has achieved the fiscal deficit target of 3.5 percent of GDP in 2016-17.
“Fiscal deficit is 3.51 percent of GDP or say, Rs 5.35lakh crore in 2016-17” the Controller General of Accounts (CGA) said while releasing the provisional accounts for the last financial year. The CGA further said that revenue deficit during the last fiscal was 2.02 percent of GDP.
Revenue deficit refers to the shortfall in total government revenue realisation from the targeted figure.
For 2017-18, the government aims to further bring down the fiscal deficit gap between expenditure and revenue up to 3.2 percent.
As per the provisional data, the fiscal deficit in April 2017 was Rs 2.05 lakh crore, which is 37.6 percent of the Budget estimate, as against 25.7 percent in last year.
The total expenditure of the government in April was Rs 2.42 lakh crore or 11.3 percent of the full-year estimate. Revenue collection was Rs 35,081crore or 2.3 percent of the estimate.
Total receipts of the government from revenue and non-debt capital in April stood at Rs 36,529crore.