India's fiscal deficit widens to Rs 7.58 lakh crore in April-October

India's fiscal deficit for the seven months through October touched Rs 7.58 lakh crore, or 45.6% of annual estimates, as per data released by the Controller General of Accounts (CGA) on Wednesday. In the corresponding period last year, the deficit was 36.3% of the budget estimates of 2021-22.

Net tax receipts rose to Rs 11.71 lakh crore while total expenditure was Rs 21.44 lakh crore, the data showed.

In February, while presenting the annual budget, Finance Minister Nirmala Sitharaman set the fiscal deficit target at 6.4% of GDP for 2022/23 starting April, compared to 6.7% in the previous fiscal year.

For 2022-23, the fiscal deficit of the government is estimated to be Rs 16.61 lakh crore or 6.4 per cent of the GDP.