India’s fiscal deficit recorded from April-August reached 94.7% of the FY 19 target at ₹5.91 lakh crore. It stood at 96.1% of the budgeted target in the previous fiscal year.
On the expenditure front, the total government spending was ₹10,70,859 crore. Out of the total, ₹9,38,641 crore were spent on Revenue account and ₹1,32,218 crore on Capital account.
Data released by the government revealed that ₹4,79,568 crore was the total receipts of the government. The net tax revenue for the first five months was ₹3,66,216 crore for the financial year ending in 2019.
The government wants to achieve a fiscal deficit of 3.3% of the GDP of the current fiscal year.
In order to achieve the expenditure target next year, the central government had to compromise on its efforts to curb the rising fuel prices. The government resisted on taking any step to ease the after-effect levied on direct taxes.