June 30, 2020 / 11:16 AM / 11 days ago

India's fiscal deficit touches 58.6% of annual target in two months

An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration

NEW DELHI (Reuters) - India’s federal fiscal deficit in the first two months through May stood at 4.66 trillion rupees ($61.67 billion), or 58.6% of the budgeted target for the current fiscal year, government data showed on Tuesday.

Net tax receipts during April-May period were 338.5 billion rupees ($4.48 billion), while total expenditure was 5.12 trillion rupees, the data showed, indicating the government was front-loading its budgeted spending to combat the impact of pandemic.

India’s federal fiscal deficit touched 4.6% of GDP in 2019/20 fiscal year ending March, from initial estimates of 3.3%.

($1 = 75.5575 Indian rupees)

Reporting by Manoj Kumar

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