India's April-December fiscal deficit rises to 59.8% of FY23 target

Earlier in the day, an economic survey showed that India is on track to meet the FY23 fiscal deficit target. The deficit shows the difference between the income of the government and the money that it spends during the year.

India's fiscal deficit for April-December 2022 was 9.93 billion rupees, 59.8 percent of the target of 16.61 billion rupees.

While India collected 15.56 crores in taxes, it spent 28.18 crores, while expenditure may exceed targets due to the need for post-pandemic support. The government has set a target of 6.4 percent of GDP for the 23rd fiscal year and it is expected to come down to 5.8 percent in the next fiscal year 24 budget.

The government also expects to borrow a record 15.8 trillion for the next fiscal year to finance its spending.