Artha Desh
Govt Achieves the Tax Revenue & Fiscal Targets for FY 2015-16
The aggregate Budget Estimates (BE) for total Direct and Indirect Tax Revenues for FY 2015-16 was Rs 14.45 Lakh Crore which was revised to Rs 14.55 Lakh Crore (RE). The actual collection (provisional) is Rs 14.60 Lakh Crore. The total collection has exceeded the RE and represents a growth of 17.6% compared to the last financial year. The Indirect Tax revenue (provisional) collections stand at Rs 7.11 Lakh Crore and has exceeded the BE and RE by Rs 65,618 Crore and Rs 9,885 Crore respectively. This represents a robust growth of 31.1% over revenue receipts in 2014-15. The Direct Tax revenue collections (prov.) stand at Rs 7.48 Lakh crore which is only slightly lower than the RE of Rs 7.52 Lakh Crore. This represents a growth of 7.61% over the receipts in 2014-15.
>> As per initial estimates, the fiscal deficit for 2015-16 is expected to be within 3.9 percent.
>> Receipts of Tax Revenues are also on track and the 2015-16 RE targets are expected to be fully met when the bank scrolls are fully accounted for.
>> The disinvestment target of Rs. 25,000 crore vide 2015-16 RE has also been achieved.
>> Plan Expenditure for 2015-16 is expected to be around Rs. 4,70,000 crore. This is higher than the Plan BE of 2015-16 and also higher the actual plan expenditure in 2014-15.
>> Government remains committed to the path of fiscal consolidation.

India's External Debt Data at End Dec 15 Released
Department of Economic Affairs, Ministry of Finance has been compiling and releasing quarterly statistics on India's external debt for the quarters ending September and December every year. At end-Dec 2015, India's external debt stock stood at US$ 480.2 bn, recording an increase of US$ 4.9 bn (1.0 percent) over the level at end-March 2015. The rise in external debt during the period was due to long-term external debt particularly commercial borrowings and NRI deposits. However, on a sequential basis, total external debt at end-Dec 2015 declined by US$ 1.2 bn from the end-Sept 2015 level. Long-term debt at end-Dec 2015 was US$ 398.6 billion, showing an increase of US$ 8.8 bn (2.3 percent) over the level at end-March 2015. Short-term external debt witnessed a decline of 4.6 percent and stood at US$ 81.6 bn at end-Dec 2015. At end-December 2015, long-term external debt accounted for 83.0 percent of India's total external debt, while the remaining (17 percent) was short-term debt. Component-wise, the share of commercial borrowings stood highest at 38.2 percent of total external debt, followed by NRI deposits (25.5 percent) and multilateral debt (11.1 percent). Govt (sovereign) external debt stood at US$ 90.7 bn at end-Dec 2015 while non-Govt debt amounted to US$ 389.5 bn. The share of Govt (Sovereign) and non-Govt debt in the total external debt was 18.9 percent and 81.1 percent respectively, at end-Dec 2015. The share of US dollar denominated debt continued to be the highest in external debt stock at 57.6 percent at end-Dec 2015, followed by the Indian rupee (28.7 percent), SDR (5.8 percent), Japanese yen (4.1 percent), and euro (2.3 percent). The ratio of concessional debt to total external debt was 8.7 percent at end-Dec 2015 (8.8 percent at end-March 2015). India's foreign exchange reserves provided a cover of 73.0 percent to the total external debt stock at end-Dec 2015 vis--vis 67.5 percent at end-March 2015. The ratio of short term external debt to foreign exchange reserves was 23.3 percent at end-Dec 2015 as against 26.7 percent at end-March 2015.