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

India's federal fiscal deficit touched 4.6% of GDP in 2019/20 fiscal year ending March

  
An India Rupee note is seen in this illustration photo June 1, 2017.

An India Rupee note is seen in this illustration photo June 1, 2017.

REUTERS/Thomas White

NEW DELHI - 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) ((manoj.kumar@thomsonreuters.com; +91 11 4954 8029; Reuters Messaging: manoj.kumar.thomsonreuters.com@reuters.net))

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