During the last year, fiscal deficit during the first six months was Rs 58,298 crore taking into account the small savings collection which totalled Rs 11,196 crore. However, the deficit during April-September 1988, net of small savings, worked out to be Rs 47,102 crore.

For the current year, the small savings during the first half of current financial year which amounted to Rs 13,602 crore, have not been included in the budget due to changes in the accounting norms.

The revenue realisation during the six-month period of the current fiscal was up by 15.9 per cent touching Rs 68,463 crore as compared to Rs 59,082 crore in the corresponding period last year. The revenue deficit, however, has continued to grow at a disturbing pace. The deficit during the period totalled Rs 35,775 crore up by 21.7 per cent from last year's collection of Rs 29,388 crore in the corresponding period.

The revenue deficit during the period worked out to be 66.1 per cent of the budgeted amount of Rs 54,147 crore.

According to finance ministry officials, the revenue buoyancy was witnessed during the last few months and if the industrial recovery continued at the anticipated pace, it would be possible for the revenue department to achieve the ambitious budget targets.

The government, it may be mentioned, planned to restrict the fiscal deficit to Rs 79,955 crore during the year, but the target seems to be difficult in view of expenditure overrun on account of Kargil conflict and general elections. Much, however, would depend upon the disinvestment which does not seem to picking up. The government had fixed a target of Rs 10,000 crore for the current fiscal but realisation during the first half worked out to be meager Rs 460 crore.

On the expenditure side, total expenditure during the first six months was Rs 1,24,592 crore which was 43.9 per cent of the budgeted amount. Plan expenditure is up by about 16 per cent amounting to Rs 32,288 crore during April-September 1999.

On the non-Plan side, revenue expenditure is up by 19.3 per cent amounting to Rs 85,030 crore in the first half of the current fiscal. Non-Plan expenditure on capital account was Rs 7274 crore. This, however, cannot be compared with the last year's figures because of change in accounting norms for small savings collections.

For financing the fiscal deficit, the government has completed 85 per cent of its borrowing programme for the year. Total borrowings amounted to Rs 48,964 crore.