Page 428 - ES 2020-21_Volume-1-2 [28-01-21]

Fiscal Developments 55

2.9 The remaining section analyses the performance of fiscal indicators and their components
for period April to November 2020. The data on Government accounts for April to November
2020, released by the Controller General of Accounts, show that the fiscal deficit of the Central
Government at end November 2020 stood at 135.1 per cent of the BE compared to 114.8 per
cent during the same period in 2019-20 (Table 1). Given the enormity of the situation faced
by the pandemic, most of the countries including India have been fiscally strained, which
reflected in the deficit figures. In order to cater to the increased demand for resources required
by the Government, the target for gross market borrowings of the Central Government
for the financial year 2020-21 was revised from the Budget estimate of ` 7.8 lakh crore to
` 12 lakh crore.

Table 1: Provisional Outcome for 2020-21 (Up to November 2020)

Percentage of Growth over last year
In ` lakh crore
2020-21 respective BE (per cent)
BE 2019-20 2020-21 2019-20 2020-21 2019-20 2020-21
(Apr – Nov) (Apr – Nov) (Apr – Nov) (Apr – Nov) (Apr – Nov) (Apr – Nov)
1 Revenue Receipts 20.21 9.83 8.13 50.1 40.2 13.0 -17.3
2 Gross tax revenue 24.23 11.74 10.26 47.7 42.4 0.8 -12.6

3 Assignment to 7.84 4.22 3.34 52.1 42.6 -2.3 -20.7
States

4 Tax Revenue (net 16.36 7.51 6.88 45.5 42.1 2.6 -8.3
to Centre)
5 Non Tax Revenue 3.85 2.33 1.24 74.3 32.3 67.8 -46.6

6 Non Debt Capital 2.25 0.29 0.18 24.2 8.1 10.4 -37.5
Receipts
7 Non Debt receipts 22.46 10.12 8.31 48.6 37.0 12.9 -17.9
8 Total Expenditure 30.42 18.20 19.06 65.3 62.7 12.8 4.7

9 Revenue 26.30 16.06 16.65 65.6 63.3 13.0 3.7
Expenditure

10 Capital 4.12 2.14 2.41 63.2 58.5 11.7 12.8
Expenditure
11 Revenue Deficit 6.09 6.23 8.52 128.4 139.9 13.0 36.8
12 Fiscal Deficit 7.96 8.08 10.76 114.8 135.1 12.7 33.1
13 Primary Deficit 0.88 4.66 6.92 1076.5 785.3 26.5 48.5

Source: CGA Monthly Accounts; BE: Budget Estimates
2.10 The non-debt receipts have been adversely hit by the slump in economic activity after the
pandemic outbreak. During April to November 2020, the non-debt receipts have registered a
growth of -17.9 percent relative to the corresponding period last year (Table 1). This shortfall is
attributed to a fall in all components of non-debt receipts viz. net tax revenue, non-tax revenue
and non-debt capital receipts. The Non-Tax revenue collections up to November 2020 registered
a decrease of 46.6 per cent relative to the corresponding period last year. This was led by a
decrease in dividends and profits by ` 0.88 lakh crore over April to November 2019, which
stood at 45.4 per cent of BE.