New Delhi: The Government today said it has achieved the fiscal deficit target of 3.9 per cent of GDP in 2015-16.
“Fiscal deficit is 3.9 per cent of GDP or Rs 5.32 lakh crore in 2015-16,” the Controller General of Accounts (CGA) said while releasing the provisional accounts for the last financial year.
For 2016-17, the government aims to further bring down the fiscal deficit—the gap between expenditure and revenue — to 3.5 per cent. The CGA further said revenue deficit during the last fiscal was 2.5 per cent of GDP.
As per the provisional data, the fiscal deficit in April was Rs 1.37 lakh crore, which is 25.7 per cent of the Budget estimate as against 23 per cent a year ago.
The fiscal deficit for the whole year is estimated at Rs 5.33 lakh crore. Total expenditure of the government in April was Rs 1.61 lakh crore, or 8.2 per cent of the full-year estimate.
Of the total expenditure, Plan spending was Rs 45,543 crore while for non-Plan, it was Rs 1,16,442 crore. Revenue collection was Rs 22,075 crore, or 1.6 per cent, of the estimate.
Total receipts of the government—from revenue and non-debt capital—in April stood at Rs 24,659 crore. The revenue deficit during the month was Rs 1,19,075 crore, or 33.6 per cent, it said.
Revenue deficit refers to the shortfall in total government revenue realisation from the targeted figure.