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Saturday, 9 September 2017

Fiscal deficit touches 92.4% of budget estimates at July-end


India’s fiscal deficit at July- end touched 92.4 % of the budget mainly because of front loading of expenditure by various government departments. In absolute terms, the fiscal deficit- difference between expenditure and revenue - was Rs 5.04 lakh crore during April- July 2017-18, according to the data of Controller General of Accounts (CGA).

During the same period of last financial year, 2016-17, it was 73.7 % of the target. For 2017-18, the government aims to bring down the fiscal deficit to 3.2 % of the GDP. Last fiscal, it had met the deficit target of 3.5 % of the GDP.

You must Read Takeaways from the Above News:
  • CGA, in the Department of Expenditure, Ministry of Finance, is the Principal Accounting Advisor to Government of India and is responsible for establishing and maintaining a technically sound Management Accounting System. 
  • Anthony Lianzuala is the Controller General of Accounts (CGA) under the Finance Ministry. 

Source- The Hindu

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