New Delhi, December 31
The Union government’s fiscal deficit soared to Rs 10.75 lakh crore, or 135.1% of the 2020-21 Budget Estimates (BE), at the end of November 2020, mainly on account of low realisation of revenue due to disruption in business activities amid the coronavirus pandemic.
The fiscal deficit at the end of November 2019 had stood at 114.8% of 2019-20 BE. In absolute terms, the fiscal deficit stood at Rs 10,75,507 crore at the end of November 2020, according to the latest data released by the Controller General of Accounts. The lockdown imposed to curb the spread of coronavirus had significantly impacted business activities and, in turn, contributed to sluggish revenue realisation.
Bank credit grows 6% during Dec 5-18
Bank credit grew 6.05% to Rs105.49 lakh crore, while deposits rose 11.33% to Rs144.82 lakh crore during December 5-18, RBI data showed
The fiscal deficit, or gap between the expenditure and revenue, had breached the annual target in July this year.
The government’s total receipts stood at Rs 8,30,851 crore (37% of BE 2020-21) till the end of November 2020. This included Rs 6,88,430 crore tax revenue (net to centre), Rs 1,24,280 crore of non-tax revenue and Rs 18,141 crore of non-debt capital receipts. Non-debt capital receipts consist of recovery of loans and disinvestment proceeds.
The tax revenue collection was 42.1% of BE of 2020-21, compared with 45.5% of BE (2019-20) during the corresponding period a year ago. Non-tax revenue was 32.3% of BE. During the corresponding period of the last fiscal, it was 74.3% of BE 2019-20.
During the corresponding period last fiscal, the total receipts were 48.6% of 2019-20 BE. According to the data, over Rs 3.34 lakh crore were transferred to state governments as devolution of share of taxes by the Government of India up to November 2020.
The CGA data said the total expenditure incurred by the government stood at Rs 19,06,358 crore or 63% of BE. — PTI
Govt debt swells to Rs107 lakh cr in Q2
- Total liabilities of the government increased by 5.6% to Rs107.04 lakh crore at end-September 2020, according to official data on public debt
- At the end of the first quarter, the outstanding total debt of the government stood at Rs101.3 lakh crore