New Delhi, Dec 29 (IANS): India's fiscal deficit for the first eight months of the current financial year (April-November) stood at Rs 9.07 lakh crore, or 50.7 per cent of the annual estimate, according to government data released on Friday.

The fiscal deficit was 58.9 per cent of the annual estimate in the same period last year.

The government’s total receipts stood at Rs 17.46 lakh crore, while overall expenditure in April to November was at Rs 26.52 lakh crore. These work out to 64.3 per cent and 58.9 per cent of the target set in the budget for 2023-24.

Revenue receipts stood at Rs 17.20 lakh crore, of which tax revenue was Rs 14.36 lakh crore while non-tax revenue was Rs 2.84 lakh crore rupees.

Tax and non-tax revenues were 61.6 per cent and 94.3 per cent, respectively, of the budget estimate.

While presenting the 2023-24 budget for this fiscal year, Finance Minister Nirmala Sitharaman fixed a target of reducing the fiscal deficit to 5.9 per cent of GDP from 6.4 per cent in 2022-23. The government has said it is on course to meet the target.