The fiscal deficit of the country stood at 5.76 per cent of the GDP during 2011-12,a tad lower than the projected 5.9 per cent in the revised estimates of the Budget.
According to the Controller General of Accounts (CGA),the fiscal deficit,the difference between the governments total receipts and expenditure,stood at Rs 5,09,731 crore in 2011-12. Due to rising expenditure and lower tax collections,in Budget 2012-13,the government had revised the deficit to 5.9 per cent of the GDP as against the earlier estimate of 4.6 per cent of GDP.
The government has projected that the fiscal deficit for 2012-13 would be reduced to 5.1 per cent of GDP by controlling its subsidy bill to under 2 per cent of GDP while 1.75 per cent in the subsequent years.
While the total revenue collection stood at Rs 7,88,713 crore,98.6 per cent of the yearly target,total expenditure stood at Rs 12,98,444 crore,98.5 per dent of the yearly target.
Revenue receipts comprising both tax and non-tax receipts was Rs 7,56,193 crore during the last fiscal whereas non-debt capital receipts stood at Rs 32,520 crore during the period. The plan expenditure for the year was Rs 4,13,513 crore,96.9 per cent of the full years target and the non-plan expenditure was Rs 8,84,931 crore,99.2 per cent of the total estimates,according to the government data.
The government managed the deficit in 2011-12 through external financing worth Rs 9,158.37 crore and domestic financing of Rs 5,00,572.29 crore.
The revenue deficit during the year stood at Rs 3,84,722 crore,4.34 per cent of GDP while effective revenue deficit was 2.85 per cent of GDP.