Govt betters finances with lower fiscal, revenue deficits in 2014-15

Finance minister Arun Jaitley can now take credit for improving the finances of the state after both its fiscal deficit and revenue deficit have ended lower, bettering the targets.

Fiscal deficit for 2014-15 at 4 per cent is better than government target of 4.1 per cent while revenue deficit for the year stood at 2.8 per cent against the target of 2.9 per cent.

Fiscal deficit for the financial year 2014-15 stands at 4.0 per cent against the target of 4.1 per cent while revenue deficit for FY 2014-15 stands at 2.8 per cent against the target of 2.9 per cent.

Gross tax collections of the central government increased 9 per cent year-on-year to Rs12,45,037 crore during 2014-15 compared with FY'14.

Provisional estimates for the year ended 31 March 2015 have been complied on the basis of March data and anticipated adjustments received from the different ministries. These are the provisional figures and may undergo certain changes during the final compilation of accounts after Audit.

''As a result of prudent policies and commitment to fiscal consolidation, the fiscal deficit at the end of 2014-15, stands at Rs5,01,880 crore, which is 98 per cent of the projected figure in revised estimates for 2014-15.

''Fiscal deficit as a percentage of GDP is 4.0 per cent against the RE of 4.1 per cent. (4.4 per cent for the previous year '13-14). The central government is firmly committed to path of fiscal consolidation and this is a step forward,'' an official release stated.

Revenue deficit at the end of 2014-15 stood at Rs3,58,306 crore, achieving 99 per cent of the projected figure in the revised estimates for 2014-15  and is 2.8 per cent of the GDP against the revised estimates of 2.9 per cent. (3.2 per cent for the previous year FY13-14).

Gross tax collections of the central government increased by 9 per cent to Rs12,45,037 crore against Rs1,06,303 crore in FY 2013-14. Gross tax collections stood at 9.8 per cent of GDP.

Devolution of tax collections to states at the end of 2014-15 stood at Rs3,37,808 crore, which is higher by Rs19,578 crore over the previous year (2013-14) while the non-tax revenue stands at Rs1,96,959 crore (90 per cent of RE)

Non-debt capital receipts, which includes disinvestment, stands at Rs43,439 crore (103 per cent of RE) and has shown an increase of 4 per cent compared to the previous year's collection of Rs41,865 crore.

Plan expenditure at the end of 2014-15 stood at Rs4,35,621 crore while non-plan expenditure during the year has stood at Rs11,91,140 crore (99.8 per cent of RE).