Fiscal consolidation will not be compromised in upcoming Budget: Finance Ministry
Updated: Jan 15, 2016 03:57:15pm
New Delhi Jan 15 (KNN) Ahead of the Union Budget, the Centre which is up against a fiscal deficit said that it is committed to promoting and strengthening inclusive and sustainable development by ensuring proper and effective utilization of funds provided in the Annual Budget without compromising fiscal consolidation.
As a result of sound prudent policies formulated during 2015-16, the fiscal deficit at the end of November 2015 is Rs. 4.83 lakh crores or 87 per cent of the Budget Estimate for this fiscal, Finance ministry said in an official release adding that the fiscal deficit i.e. the gap between expenditure and revenue, for the entire current fiscal year has been pegged at Rs 5.55 lakh crore (3.9 per cent of GDP).
However, the release added that the present fiscal situation is an improvement over the previous year when the fiscal deficit was 98.9 per cent of Budget Estimates 2014-15.
In absolute terms, there is a decrease of Rs. 41, 611 crore over November 2014 figure, it added.
Similarly, the Effective Revenue Deficit (revenue deficit net of grants for creation of capital assets) which is Rs.2,64,404 crores in November 2015 has shown a significant decrease of 20 per cent (Rs. 65,087 crores) over November 2014.
It further said, as regards expenditure, against the Budget Estimates of Rs. 1,35,257 crores for Plan Expenditure for creation of Capital assets, the Government of India has already incurred Rs. 97,788 crores (72 per cent of BE) as compared to Rs. 62,146 crores (51 per cent of BE) in the corresponding period of last year.
Total expenditure also increased from 60 per cent of BE in November, 2014 to 64 per cent in November, 2015, it added. (KNN Bureau)
As a result of sound prudent policies formulated during 2015-16, the fiscal deficit at the end of November 2015 is Rs. 4.83 lakh crores or 87 per cent of the Budget Estimate for this fiscal, Finance ministry said in an official release adding that the fiscal deficit i.e. the gap between expenditure and revenue, for the entire current fiscal year has been pegged at Rs 5.55 lakh crore (3.9 per cent of GDP).
However, the release added that the present fiscal situation is an improvement over the previous year when the fiscal deficit was 98.9 per cent of Budget Estimates 2014-15.
In absolute terms, there is a decrease of Rs. 41, 611 crore over November 2014 figure, it added.
Similarly, the Effective Revenue Deficit (revenue deficit net of grants for creation of capital assets) which is Rs.2,64,404 crores in November 2015 has shown a significant decrease of 20 per cent (Rs. 65,087 crores) over November 2014.
It further said, as regards expenditure, against the Budget Estimates of Rs. 1,35,257 crores for Plan Expenditure for creation of Capital assets, the Government of India has already incurred Rs. 97,788 crores (72 per cent of BE) as compared to Rs. 62,146 crores (51 per cent of BE) in the corresponding period of last year.
Total expenditure also increased from 60 per cent of BE in November, 2014 to 64 per cent in November, 2015, it added. (KNN Bureau)
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