The Hindu : Karnataka News : Govt. to meet revenue, fiscal deficit targets

Online edition of India's National Newspaper
Wednesday, Mar 16, 2005

Karnataka

Karnataka

Govt. to meet revenue, fiscal deficit targets

By Our Special Correspondent

BANGALORE, MARCH 15. The Government in its Mid-Term Review of State Finances for 2004-05 has said that it requires no corrective measures as it is in a position to meet the targets set for reducing the fiscal and revenue deficits in the budget.

The Deputy Chief Minister, Siddaramaiah, who holds the Finance portfolio, tabled the report in the Legislative Assembly today. It said, "At the end of the first half of the fiscal year, both receipts and expenditure are in line with the budget estimates. The State would be able to meet the fiscal and revenue deficit targets as set out in the budget and thus no corrective measures may be required."

It said some additional grants should be proposed through the supplementary estimates, which will be met out of the savings that are expected to accrue and the additional resources expected to be mobilised.

Mr. Siddaramaiah said the fiscal deficit till the end of the first half of 2004-05 was Rs. 584.24 crores and it was met through borrowings. Total receipts during the period amounted to 44 per cent of the budget estimates. The actual receipts till the end of September was 44 per cent, while for non-debt capital it was 49 per cent. The devolution from the Centre accounted for 45 per cent and grant-in-aid for 26 per cent of the budget estimates.

Non-plan expenditure incurred till September was 43 per cent of the budgeted amount. The expenditure on general services was 33 per cent, social services 62 per cent and economic services 55 per cent, Mr. Siddaramaiah said.

Printer friendly page
Send this article to Friends by E-Mail

Karnataka