India’s fiscal deficit soared to Rs 7.15 lakh crore at the end of February, exceeding the revised target of Rs 5.94 lakh crore for the entire 2017-18 fiscal. Of this, over Rs 10.35 lakh crore is collected from taxes, while over Rs 1.42 lakh crore and Rs 1.05 lakh crore was accrued on account of non-tax revenue and non-debt capital receipts, respectively. Of this, Rs 17.02 lakh crore is on revenue account and Rs 2.97 lakh crore is on capital account. Of the total revenue expenditure, Rs 4.50 lakh crore is on account of interest payments and Rs 2.27 lakh crore is on account of major subsidies. The fiscal deficit or gap between total expenditure and revenues has been pegged at 3.3% for 2018-19.

Source: Hindustan Times March 28, 2018 10:42 UTC