The fiscal deficit for the year 2021 can reach 8% of GDP
The Centre’s fiscal deficit in the first three months of fiscal year 2020-21 was Rs. 6.62 lakh crore, or 83% of the budgeted target for the year, according to official data.
- Economists said that the government’s additional borrowing plans, both to cover stimulus spending and to reduce the income deficit in the wake of the pandemic, the budget deficit could reach 8% of GDP, far exceeding the budget target of 3.5%.
- Union government received the Center’s total spending for the quarter at 8.15 crore, nearly 27% of the budget forecast for the year, according to the report released by the authority on Friday.
- The Center also transferred Rs. 1.34 lakh crore to the States as their share of taxes, which is Rs. Rs. 14,588 million less than the previous year.
- Rs 1.53 million (in terms of taxes, non-tax revenue and loan collections) from April to June.
- This is less than 7% of the budget forecast for the entire year.
- According to the report released by the govt. authority on Friday, the centre’s total spending for the quarter was 8.15 crore, almost 27% of the budget forecast for the year.
- The Center also transferred Rs. lakh 1.34 crore to states as part of its tax share, Rs. 14,588 crore less than the previous year.
- Rs 8.15 million, or nearly 27% of the budget forecast for the year, according to the report released Friday by the auditor general.
- The Center also transferred to the states 1.34 million rupees as part of its tax share, down 14.588 billion rupees from the previous year.
- 40% growth in the first quarter of capital expenditure to Rs. 88.273 million rupees. Looking at the data for the last 20 years, this is historically high, in terms of annual percentage growth for the first quarter.