India’s April-January fiscal deficit hits 66.8% of full-year target

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India’s fiscal deficit in the 10 months to end-January stood at Rs 12.34 lakh crore ($167 billion), or 66.8% of the revised budgeted target for the whole fiscal year, government data showed on Friday.

Net tax receipts were Rs 11.02 lakh crore, while total expenditure was Rs 25.17 lakh crore, 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 lead to lower tax collection and higher spending.

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