Jan 31, 2013, 04.50 PM IST | Source: Reuters

April-December fiscal deficit at Rs 407,000 cr

India's fiscal deficit during the April-December period was Rs 407,000 crore, or 78.8 percent of the budgeted full fiscal year 2012-13 target, government data showed on Thursday.

April-December fiscal deficit at Rs 407,000 cr

India's fiscal deficit during the April-December period was Rs 407,000 crore, or 78.8 percent of the budgeted full fiscal year 2012-13 target, government data showed on Thursday.

During the same period in the previous fiscal year, the deficit was 92.3 percent of the budgetary target.

Net tax receipts for April-December stood at Rs 484,000 crore while total expenditure was Rs 991,000 crore.

Defence & welfare spending to be slashed

In March 2012, the government had budgeted a fiscal deficit of Rs 514,000 crore, or 5.1 percent of the gross domestic product (GDP), for the current fiscal year that ends in March.

However, in October, strained finances forced New Delhi to revise the deficit target to 5.3 percent.

Fiscal deficit reduction not contractionary: RBI

($1 = 53.3950 rupees)

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