Gross fiscal deficit of the central government during 2002-03 is likely to be higher at Rs 1,52,300 crore (Rs 1,523 billion) as against the budgeted amount of Rs 1,35,524 crore (Rs 1,355.24 billion), according to Centre for Monitoring Indian Economy.

"This higher deficit is attributed to a lower non-debt revenue than expected during the current year", CMIE said in its monthly (January) review of the Indian economy released in Mumbai on Friday.

GFD in the April-November period was Rs 83,394 crore (Rs 833.94 billion), 5.4 per cent higher than that in the same period of last fiscal, it added.

Tax revenue (net of states' share) was Rs 80,346 crore (Rs 803.46 billion) till November 2002, up by 21 per cent.

During the full year, total tax revenue would be around Rs 1,61,000 crore (Rs 1,610 billion), which would be less than the budgeted amount by Rs 12,000 crore (Rs 120 billion), CMIE said.

Central government expenditure growth slowed down to 6.1 per cent in November 2002 as compared to 17.7 per cent and 11.7 per cent increase recorded in September and October 2002 respectively, the economic think-tank said.

Expenditure during April-November showed a 12 per cent increase, which was fractionally lower than the 12.6 per cent envisaged in the 2002-03 budget, it added.

CMIE said interest rates remained under downward pressure during December 2002 while inflation as measured by wholesale price index remained under control at fractionally above three per cent in November and first half of December, it said.