India's fiscal deficit on record high; touches 94% of target: Media report

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India's fiscal deficit on record high; touches 94% of target: Media report
India's fiscal deficit touched 95.2 per cent of the budgeted target in the first three quarters of current financial year, raising concerns over Asia's third largest economy's weak finances, according to a Reuters report.

The fiscal deficit, difference between the government's expenditures and its revenues, touched Rs 5.16 lakh crore during April-December, or 95.2 per cent of the full year target, as compared to 78.8 per cent a year ago, government data showed on Friday, quoted Reuter.

During the nine month ended December, net tax receipts stood at Rs 5.18 lakh crore, while total expenditure was Rs 11.64 lakh crore.

Following this number, Union Finance Minister P. Chidambaram is all set to minimize investment spending to meet the budgeted target of 4.8 per cent of gross domestic product.

Dion Global Solutions

Read more about: fiscal deficit, p chidambaram
Story first published: Friday, January 31, 2014, 22:23 [IST]
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