Daijiworld Media Network – New Delhi

New Delhi, Mar 28: India’s fiscal deficit for the April-February period stood at Rs 13.47 trillion ($157.62 billion), reaching 85.8% of the estimated target for the financial year ending March 31, according to government data released on Friday.

Net tax receipts for the first 11 months of FY24 were reported at Rs 20.16 trillion, accounting for 78.8% of the annual goal. This marks an increase from Rs 18.49 trillion recorded during the same period last year.

Total government expenditure stood at Rs 38.93 trillion, which is 82.5% of the budgeted amount, while capital expenditure critical for infrastructure growth was Rs 8.12 trillion, reaching 79.7% of the annual target.

In the Union Budget presented in February, the government revised its fiscal deficit target to 4.8% of GDP for FY24, aiming to further reduce it to 4.4% in FY25. Additionally, India plans to shift its fiscal policy benchmark to debt-to-GDP ratio from 2026-27, targeting a reduction in national debt to 50% of GDP by March 2031 from the current 57%.