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