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

________________________________________________

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