April Fiscal Deficit at 17.3% of Actuals to FY14BEs
(Fiscal
deficit significantly increased to 17.3% of the actuals to FY14BEs in
April 2013 vis-à-vis 13.1% of the actuals to FY13BEs in April 2012)
The gross fiscal deficit of the Central government stands at 17.3% of the actuals to budget estimates at the end of April 2013 as compared to 13.1% of the actuals to budget estimates in the corresponding period of the previous year. The primary deficit significantly increased to 44.7% of the actuals to budget estimates by end of April 2013 as compared to 24.4% of the actuals to budget estimates during corresponding period of the previous year.
Differentials in use of fiscal deficit space by April 2013 vis-à-vis April 2012 (%)
Source: PHD Research Bureau, compiled from Government of India accounts, Government of India
Note: The Fiscal deficit data pertains to the end of the respective month
The data for February 2013 and February 2012 pertains to actuals to revised estimates
* indicates data at the end of respective financial year and are % of actuals to revised estimates
The revenue receipts at the end of April 2013 of the central government stands at 0.7% of the actuals to budget estimates as compared with 2% of the actuals to budget estimates at the end of April 2012.
Fiscal position for April FY2014 vis-à-vis April FY2013
|
Month
|
% of Actuals to Budget Estimates FY2014*
|
% of Actuals to Budgeted Estimates FY2013*
|
% of Actuals to Budgeted Estimates FY2012*
|
|
April
|
17.3
|
13.1
|
18.1
|
|
May
|
–
|
27.6
|
31.7
|
|
June
|
–
|
37.1
|
39.4
|
|
July
|
–
|
51.5
|
55.4
|
|
August
|
–
|
65.7
|
66.3
|
|
September
|
–
|
65.6
|
68
|
|
October
|
–
|
71.6
|
74.4
|
|
November
|
–
|
80.4
|
85.6
|
|
December
|
–
|
78.8
|
92.3
|
|
January
|
–
|
90.7
|
105.4
|
|
February**
|
–
|
97.4
|
94.6
|
|
March
|
–
|
94^
|
98.9^
|
Note: * Data pertains to the end of the respective month
** Data for February 2013 and February 2012 pertains to actuals to revised estimates
^ indicates data at the end of respective financial year and are % of actuals to revised estimates
The government’s market borrowing stands at 10% of the actuals to budget estimates at the end of April 2013 as compared with 12% of the actuals to budget estimates at the end of April 2012. The domestic financing stands at 17% of the actuals to budget estimates at the end of April 2013, higher as compared to 13% of the actuals to budget estimates at the end of April 2012. The external financing of the government increased to 6% of the actuals to budget estimates at the end of April 2013 as against 0% of the actuals to budget estimates at the end of April 2012. The total financing of the central government stands at 17% of the actuals to budget estimates at the end of April 2013 as against 13% of the actuals to budget estimates during the corresponding period of previous year.
Sources of financing the deficit (%)
Source: PHD Research Bureau, compiled from Union Government Accounts, Government of India
Note: Data pertains to the end of the April 2012 and April 2013
Regards,
Dr. S P Sharma
Chief Economist
________________________________________________
PHD Research Bureau
PHD Chamber of Commerce and Industry
August Kranti Marg, New Delhi – 110016
Tel 91 11 49545454, Fax 91 11 26855450,
E mail – research@phdcci.in
Website http://www.phdcci.in
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