India’s fiscal deficit touches 83.2% of annual target in April-June quarter
India’s fiscal deficit in the three months to end June stood at 6.62 trillion rupees ($88.52 billion), or 83.2% of the budgeted target for the current fiscal year, government data showed on Friday.
Net tax receipts were 1.35 trillion rupees ($18.05 billion), while total expenditure was 8.16 trillion rupees, the data showed, indicating the government was front-loading its spending to combat the impact of the coronavirus.
The deficit is predicted to cross 7.5% of GDP in the 2020/21 fiscal year that began in April, private economists said, from initial government estimates of 3.5%, mainly due to a sharp economic contraction triggered by the pandemic.
Source: Reuters (Reporting by Manoj Kumar; editing by John Stonestreet)