Union Budget 1999-2000 Govt. of India Ministry of Finance

Budget Speech


Yashwant Sinha

Speech of Shri Yashwant Sinha
Finance Minister, Government of India
27th February, 1999

but.gif (597 bytes) Revised Estimates for 1998-99

46. The non-Plan expenditure has increased by Rs.17,616 crore. There is a shortfall of Rs.3,631 crore under Plan. The normal non-Plan expenditure of the Government departments has increased only by Rs.2,539 crore. The other increases are on account of loans to States and UTs against net Small Savings collections, Rs.9,588 crore, pension, Rs.2,711 crore, interest payments, Rs.2,248 crore, and postal deficit, Rs.530 crore.

47. Net tax revenues for the Centre are estimated at Rs.1,09,537 crore against Rs.1,16,857 crore budgeted, reflecting a shortfall of Rs.7,320 crore. The shortfall is mainly due to lower customs revenue on account of both lower volume and unit-price of imports and lower excise revenue resulting from low industrial growth. Disinvestment receipts are expected to be Rs.8,000 crore against Rs.5,000 crore budgeted.

48. The fiscal deficit is thus likely to increase to 6.5% of GDP from the budget target of 5.6% on the basis of comparable GDP estimates. However, if the increase over budget in small savings loans to States and Union Territories is excluded, the adjusted fiscal deficit would be 5.9%.





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