India’s April-Nov fiscal deficit touches 9.78 trillion rupees

INDIA’S fiscal deficit for April-November was 9.78 trillion rupees (S$158.5 billion) or 58.9 per cent of annual estimates, government data showed on Friday (Dec 30).

Net tax receipts were 12.25 trillion rupees, while total expenditure was 24.43 trillion rupees, the data showed.

The government’s subsidy Bill for food, fuel and fertiliser was 3.01 trillion rupees during April-November, nearly exhausting the 2022/23 budgeted amount of 3.18 trillion rupees.

Reuters reported India’s subsidy Bill was expected to touch 5.5 trillion rupees this fiscal year on account of high food and fertiliser prices due to the war in Ukraine.

In February, while presenting the annual budget, Finance Minister Nirmala Sitharaman set the fiscal deficit target at 6.4 per cent of gross domestic product for 2022/23 starting April, compared to 6.7 per cent in the previous fiscal year. REUTERS