Fiscal Deficit: India’s April-August fiscal deficit passes 109% of full year budget target

Economy


NEW DELHI: India‘s fiscal deficit in the five months from April to August stood at Rs 8.7 lakh crore ($117.98 billion), or 109.3% of the budgeted target for the current fiscal year, government data showed on Wednesday.

Net tax receipts were Rs 2.84 lakh crore, while total expenditure was Rs 12.5 lakh crore, the data showed, indicating the government was facing a fall in tax receipts amid a rise in spending to combat the impact of the coronavirus.

The deficit is predicted to exceed 8% of GDP in the 2020/21 fiscal year that began in April, economists said, from initial government estimates of 3.5%, mainly due to a sharp economic contraction triggered by the pandemic.

Loading...



Source link

Articles You May Like

A look at stock market history around elections and whether politics really matter
HSBC reports third quarter 2020 earnings results
retirement: If you want to retire rich, don’t leave too much to your children
Dow futures fall almost 200 points after U.S. coronavirus cases surge to record high
Ford has nearly 190,000 reservations for upcoming Bronco SUV

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading...