Comptroller and Auditor general (CAG) has deducted fiscal deficit of Rs 2,979 crore in Himachal Pradesh during financial year 2012-13 and said in its report that State could not achieve the targets of fiscal deficit according to Fiscal responsibility and Budget Management (FRBM).
Fiscal deficit which was Rs 1,633 crore in 2011-12 increased to Rs 2,979 crore in 2012-13 which is 4.13 per cent of the Gross State Domestic Product (GSDP), above the FRBM target that is 3 per cent. State had revenue surplus of Rs 645 crore in 2011-2012, which turned into revenue deficit of Rs 576 crore during the fiscal 2012-13. Revenue expenditure of the State was increased by Rs 2,276 crore which is nearly 16 per cent and revenue receipts were increased by Rs 1,055 cr. CAG also revealed that non tax revenue was decreased sharply by Rs 538 cr during the 2012-13.