The statement on quarterly review of the trends and receipts and expenditure in relation to the Budget at the end of third quarter of 2011-12 was tabled by Finance Minister Pranab Mukherjee in Parliament today. The statement said, uncertainties prevailing in the global economy at the time of presenting the Budget for 2011-12 turned out to be on the negative side and has impacted growth performance of the economy .

This, coupled with prevailing high international crude prices, has resulted in higher expenditure on subsidies for petroleum and fertilizer products. Also moderation in growth has impacted direct tax revenue receipts.

The volatility in capital market has resulted in recalibration of government's disinvestment strategy. The statement said, all these factors have a combined impact of deterioration in fiscal performance when compared to the Budget estimates 2011-12.

Accordingly, the fiscal deficit and revenue deficit estimates have been revised as 5.9 per cent and 4.4 per cent of Gross Domestic Products respectively in the revised estimates for 2011-12.