New Delhi: Fiscal deficit came down marginally by 4 per cent to Rs 50,398 crore in the first four months of 2004-05, soon after Government implemented the stringent Fiscal Responsibility and Budget Management Act (FRBM).

The deficit till July, which amounts to 36.7 per cent of the budgeted Rs 1,37,407 crore for the entire 2004-05, came down due to surge in tax and non-tax receipts, according to figures released by Controller General of Accounts today (Aug 31, 2004).

The fiscal deficit during the first four months amounts to 1.6 per cent of the GDP (Gross Domestic Product).

The Government has targeted to rein in deficit at 4.4 per cent of GDP for the entire year as per the FRBM mandate.

Government's spendings went up marginally to Rs 1,23,296 crore in April-July this fiscal compared to Rs 1,18,481 crore in the same period of 2003-04.

However, total receipts went up to Rs 72,898 crore in April-July 2004-05 from Rs 65,963 crore in the same period last fiscal.

Revenue buoyancy resulted in a lower revenue deficit of Rs 58,076 crore in April-July, which is substantially lower than Rs 61,373 crore in the same period last year.

However, the revenue deficit till July was an alarming 76.2 per cent of the budgeted Rs 76,171 crore for the entire fiscal.

On the receipt side, the Centre's revenues rose to Rs 46,884 crore till July 2004, which was much higher than Rs 40,598 crore in the year-ago period. Centre targets to raise Rs 3,09,322 crore this fiscal.

Tax collections rose by 17 per cent to Rs 35,022 crore during the first four months of 2004-05. This was 15 per cent of the budgeted Rs 2,33,906 crore for 2004-05.

On the spending side, plan expenditure rose to Rs 30,248 crore till July this year, from Rs 28,923 crore a year ago.

Non-plan expenditure surged to Rs 93,048 crore in the first four months of 2004-05 from Rs 89,558 crore in the year-ago period.

Interest outgo, which comprises bulk of the non-plan spendings, was at Rs 36,618 crore till July 2004 as against Rs 34,860 crore a year ago. This was 28.3 per cent of the budgeted Rs 1,29,500 crore for the entire fiscal.

Centre's market borrowing stood at Rs 11,635 crore till July which was 13 per cent of the budgeted Rs 90,365 crore for the entire 2004-05