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Fiscal Developments 55

target of 6.8 per cent of GDP for 2021-22. This reduction in deficit during the current year was
budgeted on account of reduction in expenditure from 17.7 per cent of GDP in 2020-21 RE to
15.6 per cent in 2021-22 BE; and a budgeted marginal increase in gross tax revenues to the tune
of 0.1 per cent of GDP. The data on Government accounts for April to November 2021, released
by the Controller General of Accounts, shows that the Government is well on track for achieving
the budget estimate for fiscal deficit in 2021-22.

Figure 13: Trends in Deficits

8 9.2 10

7 7.4 9
8
6 6.8
7 6
Percent of GDP 4 3 3.9 3.5 3.5 3.4 4.6 4.1 5 4 Percent of GDP
5
5.8

2 2.4 3.1 3
1.4 2
1.6
1 1
0 0
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 PA 2021-22 BE
Effective RD PD FD (RHS)

Source: Union Budget Documents & CGA
BE: Budget Estimate, PA: Provisional Actuals
FD: Fiscal Deficit; RD: Revenue Deficit; PD: Primary Deficit

2.21 The long-term trends in major fiscal indicators of the Central Government and their growth
rates are presented in Table 2 and Table 3, respectively. This section analyses these trends in
detail.

Table 2: Central Government’s Fiscal Indicators

2020-21 2021-
2015-16 2016-17 2017-18 2018-19 2019-20
PA 22 BE
(in ` lakh crore; Figures in parenthesis are as a per cent of GDP)
11.95 13.74 14.35 15.53 16.84 16.32 17.88
Revenue receipts
(8.7) (8.9) (8.4) (8.2) (8.3) (8.3) (8.0)

14.56 17.16 19.19 20.8 20.1 20.25 22.17
Gross tax revenue
(10.6) (11.2) (11.2) (11.0) (9.9) (10.3) (9.9)

9.44 11.01 12.42 13.17 13.57 14.24 15.45
Net tax revenue
(6.9) (7.2) (7.3) (6.9) (6.7) (7.2) (6.9)
2.51 2.73 1.93 2.36 3.27 2.08 2.43
Non-tax revenue
(1.8) (1.8) (1.1) (1.2) (1.6) (1.1) (1.1)