India's Apr-Oct fiscal deficit tops 119% target

NEW DELHI: India's federal fiscal deficit in the seven months to end-October stood at Rs 9.53 lakh crore ($128.9 billion), or 119.7% of the budgeted target for the whole fiscal year, government data showed on Friday.Net tax receipts were Rs 5.76 lakh crore, down 15.7% from a year ago, while total expenditure was Rs 16.6 lakh crore, the data showed.The deficit is predicted to exceed 8% of GDP in the 2020/21 fiscal year that ends in March 2021, economists said, from initial government estimates of 3.5%, mainly due to a sharp economic contraction triggered by the coronavirus pandemic.

from Economic Times https://ift.tt/3fGyWSR