The fiscal deficit of the Centre surged by 21 per cent to Rs 52,509 crore (Rs 525.09 billion) in the first five months of 2004-05.
The fiscal deficit till August, which works out to 1.7 per cent of GDP, was 38.2 per cent of the targeted Rs 1,37,407 crore (Rs 1,374.07 billion) for the entire 2004-05.
According to figures released by Controller General of Accounts, the fiscal deficit was Rs 52,509 crore during April-August 2004 compared to Rs 43,467 crore (Rs Rs 434.67 billion) during the year ago period.
The surge in deficit was mainly on account of lower than expected revenue collection following the duty cuts on petroleum and other commodities to douse inflation, although government was able to keep its expenditure under control.
Total receipts was at Rs 1,01,109 crore (Rs 1,011.09 billion) till August, which is less than 30 per cent of the budgeted Rs 3,40,422 crore (Rs 3404.22 billion) for 2004-05.
Revenue receipts were at Rs 68,357 crore (Rs 683.57 billion) in the first five months, which is 22.1 per cent of the Rs 3,09,322 crore (Rs 3093.22 billion) budget estimate for this fiscal.
Tax collections were up by 16.5 per cent at Rs 45,721 crore (Rs 457.21 billion) till August, which is less than 20 per cent of the budget target.