India’s fiscal deficit touches 83.2% of annual target in April-June quarter: Reports

  • by Staff@ TSD Network
  • July 31, 2020

According to the government data reported by Reuters, India’s fiscal deficit in the three months to end June stood at 6.62 trillion rupees ($88.52 Bn), or 83.2% of the budgeted target for the current fiscal year.

Reportedly, the net tax receipts were 1.35 trillion rupees ($18.05 Bn), while total expenditure was 8.16 trillion rupees, the data showed, indicating the government was front-loading its spending to combat the impact of the coronavirus.

As per the private economist quotes in the report, the deficit is predicted to cross 7.5% of GDP in the 2020/21 fiscal year that began in April, from initial government estimates of 3.5%, mainly due to a sharp economic contraction triggered by the pandemic.

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Staff@ TSD Network

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