Report No. 50 of 2015 - Financial Audit on Account of Union Government

Overview

This Report of the Comptroller and Auditor General of India (CAG) is on the accounts of the Union Government and analyses the finances of the Union Government for the year 2014-15. It also contains an analysis of the Appropriation Accounts and audit observations with regard to the accounts of the Union Government for the year 2014-15.

Chapter-1

The financial position of the Union Government in 2014-15 was characterised by an increase of 8.51 per cent in gross revenue receipts primarily on account of a substantial increase in both tax revenue receipts (9.32 per cent) and non-tax revenue receipts (6.18 per cent) over previous year. (Paras 1.2, 1.2.3 and 1.2.4)

The revenue expenditure grew by 7.62 per cent during 2014-15as against 10.89 per cent in 2013-14. Expenditure on grants-inaid, interest payments, pension, and revenue expenditure in Defence and Railways together constituted 90 per cent of the revenue expenditure in 2014-15. (Para 1.3.2)

Capital expenditure was 1.71 per cent of GDP, well below the 4.5 per cent level set out for the year in the fiscal consolidation path set out by the Thirteenth Finance Commission. Of the total capital expenditure, 38 per cent was accounted for by Defence. (Paras 1.5.4 and 1.3.3)

Analysis of plan expenditure showed that 69 per cent of the total plan expenditure was in the form of grants-in-aid payment. In four of the 10 Ministries/Departments incurring the largest plan expenditure, over 98 per cent was in the form of disbursement as grants-in-aid. (Paras 1.3.5 and 1.3.7)

The revenue deficit for the year 2014-15 was 2.92 per cent of GDP against the 3.15 per cent of GDP in 2013-14. The revenue deficit of 2.92 per cent of GDP was in contrast to the revenue surplus of 0.50 per cent of GDP to be achieved in 2014-15, as outlined by the Thirteenth Finance Commission. The Fiscal Deficit forthe year 2014-15 was 4.11 per cent of GDP againstthe 4.44 per cent of GDP in 2013-14. (Para 1.5.4)

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