New Delhi, Jul 1 (IANS): India's April-May budgetary fiscal deficit reached 8.2 percent of FY22 target, official data showed on Wednesday.

India's fiscal deficit -- the difference between revenue and expenditure -- for April-May 2021-22 period stood at Rs 123,174 crore, or 8.2 percent of the budget estimates (BE).

The FY22 deficit has been pegged at Rs 15.06 lakh crore.

Besides, the CGA data showed that the fiscal deficit during the corresponding months of the previous fiscal was 58.6 percent of that year's target.

The Central government's total expenditure stood at Rs 477,961 crore (13.7 percent of BE) while total receipts were Rs 354,787 crore (18 per cent of BE).

"Benefitting from a jump in tax and nontax receipts amidst a contraction in revenue expenditure, the Government of India's fiscal deficit was limited to Rs 1.2 trillion in April-May 2021, less than 30 percent of last year's level of Rs 4.7 trillion recorded during the nationwide lockdown," ICRA's Chief Economist Aditi Nayar said.

"It is unclear if the sharp rise in nontax revenues in May 2021 reflects the receipt of the higher-than-budgeted surplus from the RBI."

India Ratings & Research's Principal Economist Sunil Kumar Sinha said: "April and May 2020 were unusual months due to the nationwide lockdown and again April and May 2021 witnessed regional or local lockdowns resulting in loss of economic activities and revenue generation."

"Thus, any assessment of revenue and expenditure for the month of April and May 2021 on year-on-year growth terms or as a percentage of FY22 budgeted figures will be an incorrect assessment of the trend due to aberration. Further, the change in RBI's accounting year to April-March from July-June has advanced the release of dividend payment by the RBI to government."