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

NEW DELHI Fri Feb 28, 2014 4:04pm IST

Indian currency of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012. REUTERS/Vivek Prakash/Files

Indian currency of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012.

Credit: Reuters/Vivek Prakash/Files

Related Topics

NEW DELHI (Reuters) - 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.

(Reporting by Manoj Kumar)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Economic Pulse

REUTERS SHOWCASE

Apple Result

Apple Result

Apple's iPhone sales beat Street but iPad volumes slide.  Full Article 

Nadella's Paycheck

Nadella's Paycheck

New Microsoft CEO Nadella's pay tops $80 mln with big stock awards.  Full Article 

Deregulation Impact

Deregulation Impact

Private fuel retailers to dip toe, not dive back, into India  Full Article 

Gold Import

Gold Import

RBI will not change gold import rules - sources  Full Article 

Idea Results

Idea Results

Idea Cellular Q2 profit up 69 percent  Full Article 

An RBI First

An RBI First

RBI releases minutes of financial stability council's Aug meet  Full Article 

IBM Earnings

IBM Earnings

IBM ditches 2015 operating EPS target, shares slump 7 pct  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage