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Economy Feb 29, 2012

2011-12 fiscal deficit breaches govt target

New Delhi: India's fiscal deficit during April to January was Rs 4.35 trillion, or 105.4 percent of the full-year target, government data showed on Wednesday.

During the same period in the last fiscal year, fiscal deficit was 58.3 percent of the budgeted target.

Reuters

Net tax receipts were Rs 4.6 trillion and total expenditure was Rs 10.02 trillion during the April-January period.

In February 2011, the government had budgeted a fiscal deficit of 4.6 percent of gross domestic product (GDP) for 2011/12 fiscal year that ends in March, but many private economists see the deficit for the year overshooting by a full percentage point on slowing growth and weak federal finances.

New Delhi has admitted meeting the fiscal gap target would be a "great challenge", but officials said they would try to keep the deficit under 5 percent of GDP by pruning expenditure.

Reuters

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