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