India's fiscal deficit touches Rs 7 trillion, surpasses annual target in seven months

India’s fiscal deficit in the first seven months through October stood at Rs 7.2 trillion, or 102.4 per cent of the budgeted target for the current fiscal year, government data showed on Friday.

HIGHLIGHTS

• India's fiscal deficit in the first seven months through October stood at Rs 7.2 trillion
• It is 102.4 per cent of the budgeted target for the entire current fiscal year
• Govt's revenue in this period was Rs 9.3 trillion and expenditure Rs 16.55 trillion

The government of India's fiscal deficit has surpassed the annual target within the first seven months of the current financial year. India’s fiscal deficit in the first seven months through October stood at Rs 7.2 trillion ($100.32 billion), or 102.4 per cent of the budgeted target for the current fiscal year, government data showed on Friday.

According to government data, the net tax receipts in the April-October period was Rs 6.83 trillion, while total expenditure was Rs 16.55 trillion.

The total revenue government received in the period was Rs 9,34,460 crore, which included Rs 6,83,486 crore in tax revenue, Rs 2,24,148 crore in non-tax revenue, Rs 26,826 crore in non-debt capital receipts.

Non-debt capital receipts also include Rs 9,461 crore worth of loan recovery.

Disinvestment proceeds have contributed Rs 17,365 crore to the final revenue figures.

Total expenditure incurred by the government of India in April-October 2019 period is Rs 16,54,905 crore, out of which Rs 14,53,632 crore is on Revenue Account and Rs 2,01,273 crore is on Capital Account.

Out of the total revenue expenditure, Rs 2,89,565 crore was on account of interest payments while Rs 2,26,724 crore was on account of major subsidies.

Rs 3,66,871 crore has been transferred to state governments as devolution of share of taxes by the Centre. It is Rs 10,205 crore lower than the previous year.