April-May fiscal deficit reaches 55.3% of budgeted target of FY19

India expects to trim the deficit to 3.3% of GDP in this financial year

India reported on Friday a fiscal deficit of Rs 3.45 trillion ($50.37 billion) during April-May period, or 55.3 per cent of the budgeted target for the current financial year compared with 68.3 per cent a year ago.

Net tax receipts in the first two months of 2018/19 financial year that ends next March were Rs 1.02 trillion, government data showed.

India expects to trim the deficit to 3.3 per cent of GDP in this financial year, after meeting an upwardly revised fiscal deficit target of 3.5 per cent of GDP in 2017/18.