Union Budget 2003-04

Actual Actual figures, published in Budget 2005-06.

This year includes large one-off debt transactions: states prepaying central loans under the Debt Swap Scheme (which inflates loan recoveries) and repayments to the National Small Savings Fund counted as capital spending. Capital and total spending look higher than the real spending on assets and services.

Total spending

₹4.71 lakh crore

+13.8% on 2002-03 (actual)

Raised without borrowing

₹3.48 lakh crore

Taxes, other revenue, asset sales

Borrowing (fiscal deficit)

₹1.23 lakh crore

4.5% of GDP

Interest payments

₹1.24 lakh crore

47 paise of every rupee of revenue

Capital spending

₹1.09 lakh crore

23% of all spending

Where each rupee comes from

Out of every ₹1 the Centre raises, before handing states their share of taxes.

Borrowing (fiscal deficit)23 paise₹1.23 lakh crore
Excise duties17 paise₹90,774 crore
Loan recoveries and disinvestment16 paise₹84,218 crore
Non-tax revenue (dividends, interest, fees)14 paise₹76,896 crore
Corporation tax12 paise₹63,562 crore
Customs9 paise₹48,629 crore
Income tax8 paise₹41,379 crore
Service tax1 paisa₹7,891 crore
Other taxesunder 1 paisa₹2,113 crore

Source: Budget at a Glance; Receipts, Budget 2005-06 (Actuals for 2003-04). Official PDF · How it's checked

Where each rupee goes

States' share of taxes, interest, and spending by ministry.

Interest on government debt23 paise₹1.24 lakh crore
Ministry of Finance (excluding interest)22 paise₹1.16 lakh crore
Ministry of Defence13 paise₹71,772 crore
States' share of central taxes12 paise₹65,766 crore
Ministry of Consumer Affairs, Food and Public Distribution5 paise₹25,477 crore
Ministry of Rural Development3 paise₹16,476 crore
Ministry of Home Affairs3 paise₹16,183 crore
Ministry of Chemicals and Fertilizers2 paise₹12,736 crore
Ministry of Education2 paise₹10,145 crore
Ministry of Road Transport and Highways1 paisa₹8,013 crore
Ministry of Health and Family Welfare1 paisa₹7,064 crore
All other ministries (43)12 paise₹62,979 crore

Source: Receipts; Statement of ministries' expenditure, Budget 2005-06 (Actuals for 2003-04). Official PDF · How it's checked

Announced vs what happened

How far the actual for 2003-04 landed from the Budget Estimate announced in Budget 2003-04. Blue means more than budgeted, red means less.

Total spending+7.4%
Budget ₹4.39 lakh crore → Actual ₹4.71 lakh crore
Note on this figure
For 2002-03 to 2004-05 the Budget at a Glance counts repayments to the National Small Savings Fund and State Debt Swap Scheme transactions inside capital expenditure. These are debt transactions, not investment, and the RBI Handbook series (Table 89, note 2) treats them differently: for 2002-03 the difference is exactly the Rs 13,766 crore NSSF repayment; for 2003-04 and 2004-05 it is close to the amounts in RBI's note. Comparing capital spending across years? Treat these three years with care.
Capital spending (infrastructure, assets)+50.5%
Budget ₹72,568 crore → Actual ₹1.09 lakh crore
Note on this figure
For 2002-03 to 2004-05 the Budget at a Glance counts repayments to the National Small Savings Fund and State Debt Swap Scheme transactions inside capital expenditure. These are debt transactions, not investment, and the RBI Handbook series (Table 89, note 2) treats them differently: for 2002-03 the difference is exactly the Rs 13,766 crore NSSF repayment; for 2003-04 and 2004-05 it is close to the amounts in RBI's note. Comparing capital spending across years? Treat these three years with care.
Tax revenue (Centre's share)+1.5%
Budget ₹1.84 lakh crore → Actual ₹1.87 lakh crore
Non-tax revenue+10.2%
Budget ₹69,766 crore → Actual ₹76,896 crore
Borrowing (fiscal deficit)−19.8%
Budget ₹1.54 lakh crore → Actual ₹1.23 lakh crore
Ministry of Defence−6.7%
Budget ₹76,933 crore → Actual ₹71,772 crore
Ministry of Consumer Affairs, Food and Public Distribution−9.3%
Budget ₹28,097 crore → Actual ₹25,477 crore
Ministry of Home Affairs+4.6%
Budget ₹15,470 crore → Actual ₹16,183 crore
Ministry of Chemicals and Fertilizers−5.3%
Budget ₹13,452 crore → Actual ₹12,736 crore
Ministry of Rural Development+45.3%
Budget ₹11,343 crore → Actual ₹16,476 crore
Ministry of Education+2.9%
Budget ₹9,861 crore → Actual ₹10,145 crore