India’s April-Feb fiscal deficit hits 76% of revised full-year target – News 24-7 Live News 24-7 Live
India’s April-Feb fiscal deficit hits 76% of revised full-year target

India’s April-Feb fiscal deficit hits 76% of revised full-year target

Synopsis

On Feb. 1, the government revised its fiscal deficit target for the current year that runs through March to 9.5% of gross domestic product (GDP), instead of its original target of 3.5% of GDP as the coronavirus pandemic led to lower tax collection and higher spending.

India’s federal fiscal deficit in the 11 months to the end of February stood at 14.01 trillion rupees ($191.61 billion), or 76% of the revised budgeted target for the whole fiscal year, government data showed on Wednesday.

Net tax receipts were 12.16 trillion rupees, while total expenditure was 28.19 trillion rupees, the data showed.

On February 1, the government revised its fiscal deficit target for the current year that runs through March to 9.5% of gross domestic product (GDP), instead of its original target of 3.5% of GDP as the coronavirus pandemic led to lower tax collection and higher spending.

News Source:- Economic Times

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