India's fiscal deficit crosses full year budget target in 4-month
1 min read . Updated: 31 Aug 2020, 04:34 PM ISTNet tax receipts were ₹2.03 trillion, while total expenditure was ₹10.5 trillion, the data showed, indicating the government had stepped up its spending to combat the impact of the coronavirus
NEW DELHI : India's federal fiscal deficit in the four months to end July stood at ₹8.21 trillion ($111.7 billion), or 103.1% of the budgeted target for the current fiscal year, government data showed on Monday.
Net tax receipts were ₹2.03 trillion, while total expenditure was ₹10.5 trillion, the data showed, indicating the government had stepped up 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.
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