India’s Fiscal Deficit Reaches 79% Of Full-Year Target In The First Seven Months 

India's fiscal deficit for the April-October period of the current financial year stood at Rs 4.23 lakh crore, or 79.3 percent of the budget estimate, data released by the Controller General of Accounts showed on Wednesday.

The total budgeted estimate for financial year 2016-17 stands at Rs 5.34 lakh crore which translates to 3.5 percent of the gross domestic product. The deficit was 74 percent of the target in the same period of the previous financial year. Non-tax receipts generated by the end of October stood at Rs 1.6 lakh crore, which is 52 percent of the budgeted estimate of Rs 3.2 lakh crore, data showed.

Total receipts (from revenue and non-debt capital) of the government stood at Rs 7.3 lakh crore or 50.4 percent of the budgeted estimates for the current financial year.

The government has also stuck to front-loading its spending calendar, with the total expenditure at Rs 11.5 lakh crore, or 58.2 percent of the full-year estimate in the first seven months of the current financial year. Non-planned expenditure constituted Rs 8.1 lakh crore of the total amount.

Revenue deficit stood at Rs 3.3 lakh crore, or 92.6 percent of the budgeted estimate.