Dear All, ༯:p>

Nov 2014 fiscal deficit at 98.9% of actuals to BEs

The gross fiscal deficit of the Central government stands at 98.9% of the actuals to budget estimates at the end of Nov 2014 as compared to 93.9% of the actuals to budget estimates in the corresponding period of the previous year. The primary deficit significantly increased to about 281% of the actuals to budget estimates at the end of Nov 2014 as compared to around 172% of the actuals to budget estimates during corresponding period of the previous year.

     Differentials in use of fiscal deficit space at the end of Nov 2014 vis-୶is Nov 2013      (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 January 2014, February 2014, March 2014 and January 2013, February 2013, March 2013 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 Nov 2014 of the central government stands at 45.5% of the actuals to budget estimates as compared with 47.6% of the actuals to budget estimates at the end of Nov 2013.

    Fiscal position for Nov FY2015 vis-୶is Nov FY2014

Month	% of Actuals to Budget Estimates FY2015*	% of Actuals to Budget Estimates FY2014*	% of Actuals to Budgeted Estimates FY2013*	% of Actuals to Budgeted Estimates FY2012*
April	21.5	17.3	13.1	18.1
May	45.6	33.3	27.6	31.7
June	56.1	48.4	37.1	39.4
July	61.2	62.8	51.5	55.4
August	74.9	74.6	65.7	66.3
September	82.6	76.0	65.6	68
October	89.6	84.4	71.6	74.4
November	98.9	93.9	80.4	85.6
December		95.2	78.8	92.3
January		101.6	89.4	105.4
February		114.3	97.4	94.6
March		96.9^	94.1^	98.9^

Source: PHD Research Bureau, compiled from Union Government Accounts, Government of India

Note: * Data pertains to the end of the respective month

The Data for January 2014, February 2014, March 2014 and January 2013, February 2013, March 2013 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 73% of the actuals to budget estimates at the end of Nov 2014 as compared with 84% of the actuals to budget estimates at the end of Nov 2013. The domestic financing stands at 99% of the actuals to budget estimates at the end of Nov 2014 as compared to 95% of the actuals to budget estimates at the end of Nov 2013. The external financing of the government stands at 66% of the actuals to budget estimates at the end of Nov 2014 as against 19% of the actuals to budget estimates at the end of Nov 2013. The total financing of the central government stands at 99% of the actuals to budget estimates at the end of Nov 2014 as against 94% of the actuals to budget estimates at the end of Nov 2013.

       Sources of financing the deficit                                                                                           (%)

  Source: PHD Research Bureau, compiled from Union Government Accounts, Government of India

  Note: Data pertains to the end of Nov 2013 and Nov 2014