Getty ImagesNEW 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.
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.
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