Saturday, October 9, 2010

Government spending low, growth to fall victim

The absence of full-fledged budget and the political deadlock have hurt the government spending that would pull the growth rate for this fiscal year.
According to the central bank, the government budget remained at a surplus of Rs 4.97 billion in the first month of 2010-11.
"A high growth of revenue mobilisation relative to government expenditure accounted for such a budget surplus," said the central bank. But in the same period last fiscal year, the budget surplus stood at Rs 3.18 billion.
Though the central bank attributed the surplus to the high revenue mobilisation, its growth rate has slowed down to more than four times to around 12 per cent from last year's 52 per cent.
Similarly, total government spending also decreased by 8.1 per cent to Rs 9.97 billion, compared to an increase of 44 per cent in the same month (Shrawan) of the previous year.
In spite of increase in the recurrent expenditure, total government expenditure has decreased mainly on account of the decrease in capital expenditure, principal repayment and freeze expenditure, said the central bank.
Revenue mobilisation grew by 12.1 per cent to Rs 13.16 billion, compared to an increase of 52.2 per cent to Rs 11.74 billion in the corresponding period of the previous year.
The growth rate of income tax accelerated. However, the growth rates of customs duties, Value Added Tax (VAT), excise revenue, registration fee and vehicle revenue came down, compared to that of the same month (mid-August) of the last fiscal, said the central bank. Likewise, the non-tax revenue has also declined.
Foreign cash loans of Rs 183.5 million and foreign cash grants of Rs 1.28 billion were received by the government in the first month of the current fiscal year. The government had received foreign cash loans of Rs 208.7 million and foreign cash grants of Rs 1.50 billion in the same period of the last fiscal.


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