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^ |
Source: PHD Research Bureau, compiled from Union Government Accounts, Government of India
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
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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 www.phdcci.in