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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

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