Tuesday, October 1, 2013



Apr-Aug fiscal deficit at 74.6% of actuals to BEs

The gross fiscal deficit of the Central government stands at 74.6% of the actuals to budget estimates at the end of August 2013 as compared to 65.7% of the actuals to budget estimates in the corresponding period of the previous year. The primary deficit significantly increased to 160.9% of the actuals to budget estimates at the end of August 2013 as compared to 115.4% of the actuals to budget estimates during corresponding period of the previous year.


    Differentials in use of fiscal deficit space by August 2013 vis-à-vis August 2012                           (in %)
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 August 2013 of the central government stands at 23.9% of the actuals to budget estimates as compared with 23.8% of the actuals to budget estimates at the end of August 2012.

Fiscal position for August FY2014 vis-à-vis August 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
33.3
27.6
31.7
June
48.4
37.1
39.4
July
62.8
51.5
55.4
August
74.6
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 62% of the actuals to budget estimates at the end of August 2013 as compared with 60% of the actuals to budget estimates at the end of August 2012. The domestic financing stands at 76% of the actuals to budget estimates at the end of August 2013 as compared to 67% of the actuals to budget estimates at the end of August 2012. The external financing of the government stands at 7% of the actuals to budget estimates at the end of August 2013 as against (-) 7% of the actuals to budget estimates at the end of August 2012. The total financing of the central government stands at 75% of the actuals to budget estimates at the end of August 2013 as against 66% 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 August 2012 and August 2013


Regards,

Dr. S P Sharma
Chief Economist
________________________________________________
PHD Research Bureau
PHD Chamber of Commerce and Industry
August Kranti Marg, New Delhi – 110016

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