The fiscal deficit totalled Rs 83,394 crore (Rs 833.94 billion) at the end of November, representing 61.5 per cent of the Budget estimate of Rs 1,35,524 crore (Rs 1.355.24 billion), according to data released on Tuesday.
The government had set a target of 5.3 per cent of GDP for the fiscal deficit when Yashwant Sinha presented the Budget for 2002-03 on February 28.
The deficit till November, which works out to 3.26 per cent of GDP, was relatively lower on account of better revenue
mop up even as the Centre's spendings was comparatively higher.
During April-November, Centre raised Rs 1,23,629 crore (Rs 1,236.29 billion) in revenue while total expenditure was Rs 2,24,579 crore (Rs 2,245.79 billion) leaving a fiscal gap of Rs 83,394 crore, according to figures released by the Controller General of Accounts.
The government collected Rs 80,346 crore (Rs 803.46 billion) in taxes during the first eight months which amounted to 46.5 per cent of the budgeted Rs 1,72,965 crore (Rs 1,729.65 billion).
Non-tax revenue amounted to Rs 43,283 crore (Rs 432.83 billion), which was only 60 per cent of the estimated Rs 72,140 crore (Rs 721.40 billion) for 2002-03.
Total receipt was Rs 1,41,185 crore (Rs 1,411.85 billion), which was somewhat dampened by the relatively lower non-tax receipts and accounted for 51.4 per cent of the budget target of Rs 2,74,785 crore (Rs 2,747.85 billion).
On the expenditure front, Centre's spending was relatively higher so far this fiscal and amounted to 54.7 per cent of the Rs 4,10,309 crore (Rs 4,103.09 billion) budgeted for 2002-03.
Plan expenditure was squeezed to Rs 57,710 crore (Rs 577.10 billion), accounting for 50.8 per cent of the budgeted Rs 1,13,500 crore (Rs 1,135 billion).
Non-plan expenditure was Rs 1,66,869 crore (Rs 1,668.69 billion) till November, which was 56.2 per cent of the estimated Rs 2,96,809 crore (Rs 2,968.09 billion).
The Centre's non-plan spending surged mainly on account of higher interest payments, which was at Rs 67,184 crore (Rs 671.84 billion) till November amounting to 57.2 per cent of the budget target of Rs 1,17,390 crore (Rs 1,173.9 billion).
The revenue deficit of the Centre stood at Rs 67,888 crore (Rs 678.88 billion), which is 71.2 per cent of the budget estimates.
The primary deficit was Rs 16,210 crore (Rs 162.1 billion) accounting for 89.4 per cent of the budget target.
Most of the deficit was financed through market borrowing, which was at Rs 79,548 crore (Rs 795.48 billion) till November.
The Centre completed 83 per cent of the borrowing till November as against the target of Rs 95,859 crore (Rs 958.59 billion) for the entire fiscal.