India's fiscal deficit reaches 74% of full-year target in July

India`s fiscal deficit during April-July was 3.93 trillion rupees ($58.69 billion), or 73.7% of the budgeted target for the fiscal year ending in March 2017, government data showed on Wednesday.

The deficit was 69.3% during the same period a year ago.

Net tax receipts in the first four months of 2016/17 fiscal year were 2.22 trillion rupees.

Total expenditure of the government during Q1 was nearly Rs 5,11,832 crore trillion or 25.9% of BE as compared with 24.2% of BE in Q1 FY 16.  

Despite lower total expenditure, fiscal deficit has reached to nearly 74% of the targeted budget. 

Gross and net market borrowing requirements of the Government for FY 17 were budgeted at Rs 6,00,000 crore and Rs 4,25,181 crore respectively, which were higher by 2.6% and 6%, respectively, than Rs 5,92,000 crore and Rs 4,01,929 crore in the revised estimates for FY16. 

Net market borrowings during Q1 FY 17 at 25.7 per cent of BE were also lower than 26.8 per cent of BE in the corresponding period of previous year.