This article, based on the Union Budget 2014-15 presented to the Parliament on July 10, 2014, analyses the key features of the Budget and makes an assessment of the likely fiscal situation in 2014-15. Presented against the backdrop of incipient signs of improvement in macroeconomic environment, even as uncertainty regarding monsoon and oil prices prevails, the Union Budget has been formulated taking into account the two-fold objectives of reviving growth in the economy and containing fiscal deficit so as to leave space for private sector credit as the investment cycle picks up. The Budget, in line with these broad objectives and the revised roadmap for fiscal consolidation, has indicated reduction in gross fiscal deficit-GDP ratio from 4.5 per cent in 2013-14 to 4.1 per cent in 2014-151 and further to 3.0 per cent by 2016-17.
Highlights
-
Gross fiscal deficit (GFD), as percentage of GDP in the provisional accounts (PA) for 2013-14 was 4.5 per cent, lower than the revised estimates and budget estimates for the year. Reduction in revenue deficit through cutbacks in plan and non-plan revenue expenditure coupled with higher non-debt capital receipts and lower capital expenditure resulted in a marginally lower GFD-GDP ratio compared to revised estimate of 4.6 per cent.
-
The Budget estimates for 2014-15 indicate a continuation of the process of fiscal consolidation, with all key deficit indicators relative to GDP set to decline. GFD-GDP ratio is budgeted to decline to 4.1 per cent in 2014-15. In the medium-term, the GFD-GDP ratio is expected to decline to 3.0 per cent by 2016-17.
-
The envisaged reduction in GFD in 2014-15 is to be achieved through enhanced non-debt receipts- GDP ratio which would more than offset a marginal increase in total expenditure-GDP ratio. Non-debt receipts are budgeted to increase by 18.6 per cent in 2014-15 (15.8 per cent in 2013-14), with significant increases to be recorded in tax revenue and disinvestment receipts.
-
The growth in personal income tax collections will be affected, following exemption proposals announced in the budget. Indirect taxes, however, are budgeted to grow at a faster rate in 2014-15 compared to the previous year, mainly on the assumption of a revival in economic growth. Service tax collections are estimated to grow at 31 per cent in 2014-15 (BE) over 2013-14 (RE).
-
Total subsidy expenditure is budgeted to be contained at 2.0 per cent of GDP through reduction in provision for petroleum subsidy.
-
Capital expenditure as a per cent of GDP is budgeted to increase marginally to 1.8 per cent in 2014-15, still below 2.0 per cent attained in 2010-11.
Policy initiatives proposed in the budget to boost investment, savings and growth are highlighted in Box 1.
Box 1: Union Budget 2014-15 - Policy Initiatives
1. Budgetary measures to support growth, saving and investment
Recognising inadequate infrastructure as a constraining factor to achievement of higher growth, the Budget proposes a slew of measures which is to be taken up by the government, banks, financial institutions and financial markets. These measures, inter alia, include, (i) encouraging banks to extend long-term lending to infrastructure sector with flexible structuring to absorb potential adverse contingencies; (ii) extending the 10 year tax holiday to the power sector undertakings which begin generation, distribution and transmission power by March 31, 2017, (iii) providing necessary incentives for Real Estate Investment Trusts, (iv) developing “one hundred Smart Cities’, (v) urbanising the rural areas under the Shyama Prasad Mukherji Rurban Mission, (vi) raising the corpus of Rural Infrastructure Development Fund and (vii) re-orienting Mahatma Gandhi National Rural Employment Gurantee Act towards asset creation with linkages to agriculture and allied activities. Further, in order to attract new investment and to quicken the implementation of projects, the Budget has proposed to provide investment allowance to manufacturing companies that invest more than `25 crore in any year in new plant and machinery up to March 31, 2017.
In order to incentivise the household sector to save, the Budget has announced (i) raising personal income-tax exemption limit by `50,000, ii) raising investment limit under section 80C of the Income-tax Act from `1 lakh to `1.5 lakh, (iii) increasing deduction limit on account of interest on loan in respect of self- occupied house property from `1.5 lakh to `2 lakh, (iv) enhancing annual ceiling in the PPF Scheme to `1.5 lakh from `1 lakh per annum, (v) reintroducing Kisan Vikas Patra (KVP) and (vi) introducing a special small savings instrument for the requirements of educating and marriage of the Girl Child.
2. Initiatives relating to Banking and Financial Sector
To meet the huge equity capital requirement of `2,400 billion by 2018, the capital of PSU banks will be raised by increasing the shareholding of the people in a phased manner, largely through the retail sale of shares. A system for continuous authorisation of universal banks in private sector and licensing of small banks and other differentiated banks has also been announced in the budget. Six new Debt Recovery Tribunals would be set up. Suggestions regarding consolidation of public sector banks would be considered during the year. The Financial Inclusion Mission aims at providing all households in the country with banking services in a time bound manner. The transactions of all financial assets with single demat account has been announced. Further, uniform KYC norms and inter-usability of the KYC records across the entire financial sector would be introduced.
Progress towards Fiscal Consolidation in 2013-14 and 2014-15
I. Fiscal Performance in 2013-14
Provisional accounts showed a further improvement in fiscal performance even as tax revenues fell short of the budgetary targets and revised estimates
Revenue deficit (RD), gross fiscal deficit (GFD) and primary deficit (PD), as percentage of GDP, at 3.2 per cent, 4.5 per cent and 1.2 per cent, respectively, in the PA for 2013-14 were lower than in the revised estimates and budget estimates for the year (Chart 1). Reduction in revenue deficit in 2013-14 (PA) over the revised estimates for the year was brought about by cutbacks in plan and non-plan revenue expenditure coupled with higher non-tax revenue, which more than offset the shortfall in tax revenue resulting from continued slowdown in growth (Chart 2). Reduction in revenue deficit coupled with higher non-debt capital receipts and lower capital expenditure resulted in a marginally lower GFD-GDP ratio compared to the revised estimate of 4.6 per cent.
II. Budget Estimates for 2014-152
The Budget estimates for 2014-15 indicate a continuation of the process of fiscal consolidation, with all key deficit indicators relative to GDP set to decline. The envisaged reduction in GFD in 2014-15 is to be achieved through enhanced non-debt receipts-GDP ratio which would more than offset a marginal increase in total expenditure-GDP ratio (Table 1).
Table 1: Fiscal Performance of the Central Government |
(Per cent of GDP) |
| |
2004-08 |
2008-10 |
2010-14 |
2012-13 |
2013-14
(BE) |
2013-14
(RE) |
2013-14
(PA) |
2014-15
(BE) |
Average |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
Non debt receipts |
10.4 |
9.5 |
9.4 |
9.1 |
9.9 |
9.4 |
9.3 |
9.8 |
Tax revenue |
7.8 |
7.5 |
7.2 |
7.3 |
7.8 |
7.4 |
7.2 |
7.6 |
Non-tax revenue |
2.1 |
1.8 |
1.8 |
1.4 |
1.5 |
1.7 |
1.8 |
1.7 |
Non debt Capital Receipts |
0.4 |
0.3 |
0.4 |
0.4 |
0.6 |
0.3 |
0.4 |
0.6 |
Total Expenditure |
13.8 |
15.8 |
14.4 |
13.9 |
14.6 |
14.0 |
13.8 |
13.9 |
Revenue Expenditure |
11.9 |
14.1 |
12.6 |
12.3 |
12.6 |
12.3 |
12.1 |
12.2 |
Capital Expenditure |
1.9 |
1.7 |
1.8 |
1.6 |
2.0 |
1.7 |
1.7 |
1.8 |
Plan Expenditure |
4.0 |
4.8 |
4.4 |
4.1 |
4.9 |
4.2 |
4.0 |
4.5 |
Non-Plan Expenditure |
9.8 |
11.0 |
10.0 |
9.9 |
9.8 |
9.8 |
9.8 |
9.5 |
Revenue Deficit |
2.0 |
4.9 |
3.6 |
3.6 |
3.3 |
3.3 |
3.2 |
2.9 |
Gross Fiscal Deficit |
3.4 |
6.2 |
5.0 |
4.8 |
4.8 |
4.6 |
4.5 |
4.1 |
Note: Total expenditure, capital expenditure and non-debt capital receipts have been adjusted for prepayment to NSSF in 2004-05 and transactions relating to transfer of Reserve Bank's stake in State Bank of India (SBI) to the Government in 2007-08. |
II.1 Non-debt receipts
Non-debt receipts are budgeted to increase by 18.6 per cent in 2014-15 (15.8 per cent in 2013-14), with significant increases to be recorded in tax revenue and disinvestment receipts (Chart 3).
II.1a. Tax revenue
Indirect taxes to post sharp recovery in 2014-15
With the expected growth of 17.7 per cent in gross tax revenues over 2013-14 (RE), the gross tax revenue- GDP ratio is estimated to improve by 0.4 percentage point to 10.6 per cent during 2014-153. Net tax-GDP ratio (after devolution to states) is estimated to increase by 0.2 percentage point to 7.6 per cent during 2014-15, with acceleration in growth in all the major categories of taxes except personal income tax (Table 1).
The growth in personal income tax collections will be affected, following the increase in personal income tax exemption limit for individual tax payers and senior citizens as also in investment limit under section 80C of the Income Tax Act, and deduction limit on account of interest on loan in respect of self occupied house property. These tax measures along with other direct tax proposals announced in the budget are estimated to result in a revenue loss of `222 billion during 2014-15.
The indirect taxes are budgeted to grow at a faster rate in 2014-15 compared to the previous year, mainly on the assumption of a revival in economic growth.
Service tax collections are estimated to grow at 31 per cent in 2014-15 (BE) over 2013-14 (RE)4. The budgeted tax proposals on indirect taxes are estimated to yield an additional revenue of ` 75 billion.
II.1b Non-Tax Revenue
Non-tax revenues are budgeted to grow at a slower pace of 10 per cent in 2014-15 as against over 40 per cent growth in 2013-14, reflecting primarily the base effect5. The major components contributing to the growth in non-tax revenue in 2014-15 include spectrum charges, unlocking of resources from unspent balances lying in the Public Account, such as, Guarantee Redemption Fund, Social Infrastructure Development Fund and other cess-backed funds and increase in dividend to be paid by the Reserve Bank. Out of total dividend/profit receipts of `902 billion, dividend from the Reserve Bank is placed at `460 billion for 2014-15.7 Spectrum revenue is estimated at `455 billion, while unlocking of funds in the Public Account would provide `123 billion in 2014-15.
II.1c Non-debt Capital Receipts
Non-debt Capital Receipts to post strong growth in 2014-15
Despite the shortfall in achieving the disinvestment targets in the past, including in 2013-14, non-debt capital receipts are estimated to grow by 101.8 per cent in 2014-15 in anticipation of a sharp growth in disinvestment proceeds6. The Government’s disinvestment receipts are budgeted to grow by 170.9 per cent, while disinvestment of Government’s stake in non- Government companies is estimated to grow by 400 per cent. The disinvestment proceeds, which are to be credited to National Investment Fund, are meant to be used for recapitalisation of public sector banks (` 112 billion) and investment in Indian Railways towards capital expenditure (` 290 billion) in 2014-15.
II.2 Total Expenditure
Total expenditure is budgeted to increase by 12.9 per cent in 2014-158 (Chart 3). Although plan expenditure is budgeted to increase at a significantly faster pace than non-plan expenditure, it would still remain less than one-third of the total expenditure.
Non-Plan expenditure growth to moderate in 2014-15
Non-plan expenditure-GDP ratio is budgeted to decline to 9.5 per cent in 2014-15 (9.8 per cent in 2013-14 (RE)). Within non-plan expenditure, growth in interest payments and grants to states is estimated to decelerate sharply in 2014-15. Defence expenditure growth is, however, placed marginally higher at 12.4 per cent in 2014-15. Higher allocation for defence capital expenditure implies an increase in its share in total defence expenditure to 41.3 per cent in 2014-15 from 38.7 per cent in 2013-14.
Total subsidy expenditure to be contained in 2014-15
Total subsidy expenditure is budgeted to be contained at 2.0 per cent of GDP (Table 2), through reduction in provision for petroleum subsidy. However, higher budgetary allocations have been made for both fertilizer and food subsidies in 2014-15, keeping in view the requirements in respect of indigenous urea fertiliser and the National Food Security Act9. In this context, the Budget has sought to bring about pricing reforms in the urea sector through a new Nutrient Based Urea Policy. It has also committed to undertake reforms in the food sector on priority basis so as to moderate subsidy expenditure in the medium term.
Table 2: Major Subsidies of Central Government |
Amount in ` Billion |
Items |
2012-13 (Actual) |
2013-14 (BE) |
2013-14 (RE) |
2013-14 (PA) |
2014-15 (BE) |
Amount |
Per cent to GDP |
Amount |
Per cent to GDP |
Amount |
Per cent to GDP |
Amount |
Per cent to GDP |
Amount |
Per cent to GDP |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
Major Subsidies |
2,474.9 |
2.4 |
2,209.7 |
1.9 |
2,454.5 |
2.2 |
2,476.0 |
2.2 |
2,514.0 |
2.0 |
i. Food |
850.0 |
0.8 |
900.0 |
0.8 |
920.0 |
0.8 |
923.2 |
0.8 |
1,150.0 |
0.9 |
ii. Fertiliser |
656.1 |
0.6 |
659.7 |
0.6 |
679.7 |
0.6 |
712.8 |
0.6 |
729.7 |
0.6 |
iii. Petroleum |
968.8 |
1.0 |
650.0 |
0.6 |
854.8 |
0.8 |
840.0 |
0.7 |
634.3 |
0.5 |
Capital expenditure budgeted to increase in 2014-15
Capital expenditure10 as a per cent of GDP is budgeted to increase marginally to 1.8 per cent in 2014- 15, still below 2.0 per cent attained in 2010-11 (Chart 4).
III. Resource Transfers to States
Resource transfers from Centre to States to increase in 2014-15
While gross and net transfers as a ratio to GDP during 2013-14 (RE) have turned out to be lower than budgeted, they are budgeted to increase to 6.1 per cent and 6.0 per cent, respectively, in 2014-15 (Table 3). Pursuant to the restructuring of all plan schemes under which central assistance is provided to states/UTs, funds for centrally sponsored schemes which were hitherto under the central plan outlay have been placed with the administrative ministries for transfer to the states (as central assistance to state/UT plans) through their consolidated funds with effect from 2014-15 (BE). With a change in the accounting practice, the central assistance to state plans has increased by 1.7 percentage points to 2.6 per cent of GDP in 2014-15 over 2013-14.
Table 3 : Gross and Net Transfers from Centre to States |
(` billion) |
Items |
2012-13 |
2013-14 (BE) |
2013-14 (RE) |
2013-14 (PA) |
2014-15 (BE) |
1 |
2 |
3 |
4 |
5 |
6 |
1. States' share in Central Taxes |
2,915 |
3,470 |
3,182 |
3,182 |
3,822 |
2. Non-Plan Grants & Loans |
514 |
771 |
617 |
611 |
700 |
3. Central Assistance for State & UT (with Legislature) Plans* |
1,018 |
1,278 |
1,113 |
999 |
3,297 |
4. Assistance for Central and Centrally Sponsored Schemes |
413 |
438 |
398 |
442 |
59 |
5. Total Grants & Loans (2+3+4) |
1,945 |
2,486 |
2,128 |
2,052 |
4,056 |
Grants |
1,805 |
2,376 |
2,018 |
1,941 |
3,935 |
Loans |
141 |
111 |
111 |
111 |
121 |
6. Less-Recovery of Loans & Advances |
95 |
85 |
86 |
102 |
88 |
7. Net Resources transferred to State and UT Governments (1+5-6) |
4,766 |
5,871 |
5,225 |
5,133 |
7,790 |
Gross Transfers / GDP (per cent) |
4.8 |
5.2 |
4.7 |
4.6 |
6.1 |
Net Transfers / GDP (per cent) |
4.7 |
5.2 |
4.6 |
4.5 |
6.0 |
* With effect from 2014-15, funds for centrally sponsored schemes are routed
through the state budgets as part of central assistance to state plans. |
IV. Market Borrowings and Liabilities
Budgeted market borrowings of government and its likely impact on credit and liquidity
During 2014-15 (BE), the gross fiscal deficit would continue to be largely financed by market borrowings. The net market borrowings through dated securities for 2014-15 is budgeted at `4,612 billion11. Inclusive of funding through 364-day treasury bills, the net market borrowing at `4,813 billion would finance 90.6 per cent of the budgeted GFD of `5,312 billion (Table 4). The total net borrowing by the states is tentatively estimated at `1,930 billion. Thus, the combined net market borrowings in 2014-15 are estimated at around `6,743 billion, which is expected to be completed without exerting any sizeable pressure on the availability of financial resources for the private sector during the year12.
Table 4 : Financing Pattern of Gross Fiscal Deficit |
(Amount in ` Billion) |
Items |
2013-14 (BE) |
2013-14 (RE) |
2014-15 (BE) |
1 |
2 |
3 |
4 |
Gross Fiscal Deficit |
5,425 |
5,245 |
5,312 |
| |
(100.0) |
(100.0) |
(100.0) |
Financed by |
|
|
|
Net Market Borrowings* |
4,840 |
4,603 |
4,813 |
| |
(89.2) |
(87.8) |
(90.6) |
Other treasury bills |
198 |
162 |
145 |
| |
(3.7) |
(3.1) |
(2.7) |
Securities against small savings (net) |
58 |
116 |
82 |
| |
(1.1) |
(2.2) |
(1.5) |
External Assistance |
106 |
54 |
57 |
| |
(1.9) |
(1.0) |
(1.1) |
State Provident Fund |
100 |
100 |
120 |
| |
(1.8) |
(1.9) |
(2.3) |
NSSF |
0 |
-99 |
0 |
| |
(0.0) |
-(1.9) |
(0.0) |
Reserve Fund |
59 |
58 |
-153 |
| |
(1.1) |
(1.1) |
-(2.9) |
Deposits and Advances |
33 |
79 |
61 |
| |
(0.6) |
(1.5) |
(1.2) |
Draw Down of Cash Balances |
0 |
150 |
172 |
| |
(0.0) |
(2.9) |
(3.2) |
Others |
31 |
21 |
15 |
| |
(0.6) |
(0.4) |
(0.3) |
*Includes dated securities and 364-day treasury bills taking into account the net impact of buy-back operations in 2013-14.
Note: Figures in parentheses represent percentages to GFD. |
Interest payments to net tax revenue ratio to decline in 2014-15
Reflecting the fiscal consolidation efforts, total liabilities-GDP ratio of the Central government is budgeted to decline to 48.3 per cent in 2014-15 from 49.2 per cent in 2013-14 (RE). There would be a reduction in interest payments to net tax revenue ratio to 43.7 per cent in 2014-15 (BE) from 45.5 per cent in 2013-14 (RE) (Chart 5).
V. Overall Assessment
The government has reaffirmed its commitment to take forward the process of fiscal consolidation, as evident from the budgeted targets of revenue and fiscal deficit at 2.9 per cent and 4.1 per cent of GDP in 2014- 15, and the medium-term targets of 1.6 per cent and 3.0 per cent, respectively to be achieved by 2016-17. The revenue deficit target for 2014-15 is even lower than the interim budget level of 3.0 per cent. Its achievement would, however, depend on the realisation of an increase of 0.5 percentage point in non-debt receipts of the Central government in 2014-15.
In the medium-term, the focus of fiscal consolidation strategy has to shift from over-dependence on non-tax revenues and disinvestment receipts to tax revenues, while also containing non-plan expenditure in general and subsidies in particular to sustain the process of fiscal consolidation. On the revenue side, the envisaged implementation of ‘Goods and Services Tax’ and tax administration reforms would help to improve tax buoyancy and tax receipts. On the expenditure side, the recommendations of the proposed ‘Expenditure Management Commission’ in respect of expenditure reforms to be undertaken by the Government would assume significance from the viewpoint of expenditure containment and efficiency.
The general concern regarding quality of fiscal adjustment is also sought to be addressed through a gradual increase in the component of grants for creation of capital assets within the overall plan revenue expenditure to two-thirds from the present one-third so as to eliminate effective revenue deficit in the near term. Adherence to fiscal discipline is necessary so that the monetary policy is driven primarily by the objective of lowering inflation to provide a growth enabling macroeconomic environment.
The thrust of the Union Budget is on early revival of investment cycle and growth in the economy which is reflected in sector-specific budgetary allocations, schemes and other initiatives. In recognition of the limited fiscal space, the private sector investment, both domestic and foreign, is incentivised to fill up the resource gap in financing of infrastructure and other development requirements. Further, domestic financial saving is envisaged to be encouraged by increasing the investment limit under Section 80C of the Income tax Act (also the annual ceiling limit in the public provident fund), introduction of special small savings instrument to cater to the requirements of educating and marriage of the girl child and national savings certificate with insurance cover.
Along with progressive reduction in gross fiscal deficit and several other initiatives to enhance economic activity and spur growth, the announcement of specific measures to control food inflation is a positive feature of the Budget. These initiatives include closer coordination between Centre and states with respect to the implementation of APMC Act for creating a national market for agricultural products, to provide for establishment of private markets and to encourage the state governments to develop Farmers’ Markets in town areas to enable the farmers to sell their produce directly. This, along with other measures viz., setting up of a `50 billion warehousing infrastructure fund, a dedicated Kisan TV channel (to reduce post harvest losses), and a price stabilization fund of `5 billion may help the food economy.
Statement 1: Budget at a Glance |
(Amount in ` billion) |
Items |
2012-13
(Accounts) |
2013-14
(Revised
Estimates) |
2013-14
(Provisional)
Estimates) |
2014-15
(Budget
Estimates) |
Variation in per cent |
Col.5 over Col. 3 |
Col. 5 over Col.4 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
1. |
Revenue Receipts (i+ii) |
8,792.3 |
10,292.5 |
10,152.8 |
11,897.6 |
15.6 |
17.2 |
| |
i) Tax Revenue (Net to Centre) |
7,418.8 |
8,360.3 |
8,160.5 |
9,772.6 |
16.9 |
19.8 |
| |
ii) Non-tax Revenue |
1,373.6 |
1,932.3 |
1,992.3 |
2,125.1 |
10.0 |
6.7 |
| |
of which: |
|
|
|
|
|
|
| |
Interest Receipts |
207.6 |
210.2 |
224.1 |
197.5 |
-6.0 |
-11.9 |
2. |
Capital Receipts |
5,311.4 |
5,611.8 |
5,482.1 |
6,051.3 |
7.8 |
10.4 |
| |
of which: |
|
|
|
|
|
|
| |
i) Market Borrowings * |
5,074.5 |
4,603.4 |
4,640.4 |
4,813.0 |
4.6 |
3.7 |
| |
ii) Recoveries of Loans |
150.6 |
108.0 |
125.0 |
105.3 |
-2.5 |
-15.8 |
| |
iii) Miscellaneous Capital Receipts |
258.9 |
258.4 |
275.6 |
634.3 |
145.4 |
130.2 |
3. |
Total Receipts (1+2) |
14,103.7 |
15,904.3 |
15,634.9 |
17,948.9 |
12.9 |
14.8 |
4. |
Revenue Expenditure (i + ii) |
12,435.1 |
13,995.4 |
13,755.9 |
15,681.1 |
12.0 |
14.0 |
| |
i) Non-Plan |
9,143.1 |
10,276.9 |
10,230.5 |
11,146.1 |
8.5 |
8.9 |
| |
ii) Plan |
3,292.1 |
3,718.5 |
3,525.4 |
4,535.0 |
22.0 |
28.6 |
5. |
Capital Expenditure (i + ii) |
1,668.6 |
1,909.0 |
1,879.0 |
2,267.8 |
18.8 |
20.7 |
| |
i) Non-Plan |
824.4 |
872.1 |
873.5 |
1,052.8 |
20.7 |
20.5 |
| |
ii) Plan |
844.2 |
1,036.8 |
1,005.4 |
1,215.0 |
17.2 |
20.8 |
6. |
Total Non-Plan Expenditure (4i + 5i) |
9,967.5 |
11,149.0 |
11,104.0 |
12,198.9 |
9.4 |
9.9 |
| |
of which: |
|
|
|
|
|
|
| |
i) Interest Payments |
3,131.7 |
3,800.7 |
3,775.0 |
4,270.1 |
12.4 |
13.1 |
| |
ii) Defence |
1,817.8 |
2,036.7 |
2,034.7 |
2,290.0 |
12.4 |
12.5 |
| |
iii) Subsidies |
2,474.9 |
2,454.5 |
2,476.0 |
2,514.0 |
2.4 |
1.5 |
7. |
Total Plan Expenditure (4ii + 5ii) |
4,136.3 |
4,755.3 |
4,530.9 |
5,750.0 |
20.9 |
26.9 |
8. |
Total Expenditure (6+7=4+5) |
14,103.7 |
15,904.4 |
15,634.9 |
17,948.9 |
12.9 |
14.8 |
9. |
Revenue Deficit (4-1) |
3,642.8 |
3,702.9 |
3,603.1 |
3,783.5 |
2.2 |
5.0 |
| |
|
(3.6) |
(3.3) |
(3.2) |
(2.9) |
|
|
10. |
Effective Revenue Deficit |
2,485.7 |
2,320.6 |
2,304.7 |
2,102.4 |
-9.4 |
-8.8 |
| |
|
(2.5) |
(2.0) |
(2.0) |
(1.6) |
|
|
11. |
Gross Fiscal Deficit (8-(1+2ii+2iii)) |
4,901.9 |
5,245.4 |
5,081.5 |
5,311.8 |
1.3 |
4.5 |
| |
|
(4.8) |
(4.6) |
(4.5) |
(4.1) |
|
|
12. |
Gross Primary Deficit (11-6i) |
1,770.2 |
1,444.7 |
1,306.5 |
1,041.7 |
-27.9 |
-20.3 |
| |
|
(1.8) |
(1.3) |
(1.2) |
(0.8) |
|
|
Notes : 1) Figures in parentheses represent percentgae to GDP.
2) *Includes dated securities and 364-day treasury bills ,taking into account the net impact of buy-back operations in 2013-14.
Source : Budget documents of the Government of India, 2014-15. |
|