India's April-October fiscal deficit at $52.7 bn: Govt
In July, the govt had forecasted a fiscal deficit of Rs 4 trillion, or 6.8% of GDP for FY-10. Gainers: BSE ( A, B ), NSE | Losers: BSE ( A, B ), NSE I 52 Week: High, Low
By Agencies |
NEW DELHI: India's fiscal deficit for April to October was Rs 2.45 trillion ($52.7 billion), or 61 percent of the full-year target, the government said in a statement on Monday.
Tax receipts were Rs 2.14 trillion and total expenditure was Rs 5.37 trillion for the first seven months of 2009/10 fiscal year.
In July, the government forecast a fiscal deficit of Rs 4 trillion, or 6.8 percent of gross domestic product, for 2009/10 (April/March).
Giving the central bank and the government headroom to withdraw some stimulus measures Indian economy grew at the fastest pace in last six quarters in the three months leading up to September. The economists and policy makers are bumbing up the growth forecast for the current fiscal after government said on Monday that the Indian GDP grew at 7.9% for the quarter ended September as against 6.1% in the previous quarter on the back of bounce in industrial production and recovery in the global economy.
The finance minister Pranab Mukherjee and planning commission deputy chairman pointed out that the growth for the current fiscal can touch the 7% mark. "I am quite hopeful that if this trend continues, we will have higher GDP growth than anticipated. I hope it will be around 7 percent," Mr Mukherjee told media in capital after the GDP numbers were released.
With this better than expected growth India, Asia’s third largest economy, has joined the group of other economies in region like Taiwan, South Korea and Singapore which have come out of the slowdown blues earlier than expected. The growth that surpassed individual projections of more than 25 economists surveyed by various agencies is second only to China’s 8.9% growth in the same quarter.
Tax receipts were Rs 2.14 trillion and total expenditure was Rs 5.37 trillion for the first seven months of 2009/10 fiscal year.
In July, the government forecast a fiscal deficit of Rs 4 trillion, or 6.8 percent of gross domestic product, for 2009/10 (April/March).
Giving the central bank and the government headroom to withdraw some stimulus measures Indian economy grew at the fastest pace in last six quarters in the three months leading up to September. The economists and policy makers are bumbing up the growth forecast for the current fiscal after government said on Monday that the Indian GDP grew at 7.9% for the quarter ended September as against 6.1% in the previous quarter on the back of bounce in industrial production and recovery in the global economy.
The finance minister Pranab Mukherjee and planning commission deputy chairman pointed out that the growth for the current fiscal can touch the 7% mark. "I am quite hopeful that if this trend continues, we will have higher GDP growth than anticipated. I hope it will be around 7 percent," Mr Mukherjee told media in capital after the GDP numbers were released.
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With this better than expected growth India, Asia’s third largest economy, has joined the group of other economies in region like Taiwan, South Korea and Singapore which have come out of the slowdown blues earlier than expected. The growth that surpassed individual projections of more than 25 economists surveyed by various agencies is second only to China’s 8.9% growth in the same quarter.
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