Fiscal deficit reaches 94 percent of budget target in 8 months

New Delhi, Dec 31: India’s fiscal deficit rose to Rs.5.09 lakh crore in April-November period, almost 94 percent of the whole year’s budgetary target of Rs.5.43 lakh crore, government data showed Tuesday. This means the government is unlikely to meet the whole-year target.

Latest data released by the Controller General of Accounts has given clear indication that Finance Minister P. Chidambaram would not be able to keep his assurance to curb the fiscal deficit at Rs.5.43 lakh crore or 4.8 percent of the country’s gross domestic product (GDP) for the fiscal year ending March 31, 2014.

The Rs.5.09 lakh crore fiscal deficit recorded in the first eight months of the financial year is 93.9 percent of the whole-year target.