Tax collections might fall short of expectations of the Union Budget for 2002-03, in spite of recording a "healthy" growth during the nine-month period ended December 2002, according to Centre for Monitoring Indian Economy.

"This shortfall, coupled with a dip in divestment proceeds, will push the gross fiscal deficit to Rs 1,51,000 crore (Rs 1,510 billion) in 2002-03, about Rs 15,500 crore (Rs 155 billion) more than that was envisaged in the Budget", CMIE said in its monthly review (February) of the Indian economy.

The GFD during the nine month period of FY-03 was lower at Rs 86,269 crore (Rs 862.69 billion), compared to Rs 89,014 crore (Rs 890.14 billion) deficit posted in the corresponding period of the previous fiscal.

The gross tax revenue during the nine-month period under review grew by 17.2 per cent as against a 2.4 per cent decline witnessed during December 2001. The major sources of tax revenue recorded a robust growth during the period, the think tank added.

Expenditure growth during the period under review fell to 9.3 per cent (14.1 per cent growth in same period of FY-02). The increase was also lower than the 12.6 per cent growth expected in the Budget for the fiscal, CMIE said.