April-Jan fiscal deficit at $86b, crosses full year target

Tags: Economy
India's fiscal deficit in the first ten months of the 2013/14 financial year crossed the target for the whole year, putting pressure on the finance minister of Asia's third-largest economy to cut spending ahead of an election.

The fiscal deficit touched 5.33 trillion rupees during April-January, or 101.6 percent of the full year target, compared with 89.4 percent at the same point a year ago, government data showed on Friday.

In his interim budget on February 17, Finance Minister P. Chidambaram said the fiscal deficit would not cross 4.6 percent of GDP, revising an earlier target of 4.8 percent.

Net tax receipts were at 5.76 trillion rupees in the first ten months of the current fiscal year to March 2014, while total expenditure was 12.7 trillion rupees.

Much tax collection happens in the last two months of the fiscal year and a large part of India's revenues come from non-tax sources. Chidambaram is likely to tighten spending in what is left of the year to meet his goal.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Redefining the age of minors from 18 to 16 makes sense

    An issue that’s been simmering since the horrific gangrape of December 2013 is finally being laid to rest.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

The difficulties with war history

There have been a series of commemorative events lately. Last ...

Anish Chakraborty

Betting big on Pascal’s wager

Blaise Pascal was a 17th century French philosopher mathematician and ...

Bubbles Sabharwal

The five cardinal rules of urban snobs

Believe it or not there is the unspoken-of society of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture