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Fiscal deficit in H1 almost 83% of full-year target
Fiscal deficit in H1 almost 83% of full-year target
India's fiscal deficit reached nearly 83 percent of its full-year target in the first half of the year, giving the government a tough job meeting its budget target even with help from a fall in global crude prices that will reduce the oil subsidy bill.
A 25 percent fall in oil prices since June has helped Prime Minister Narendra Modi's government contain oil and fertiliser subsidies, but revenue growth has been slow.
In his maiden budget, Finance Minister Arun Jaitley had targeted a reduction in the fiscal deficit to 4.1 percent of the gross domestic product in the current fiscal year, down from 4.5 percent in the previous year.
On Thursday, Prime Minister Modi ordered bureaucrats to stop flying first class, as part of a austerity drive aimed at reducing discretionary spending by 10 percent in the fiscal year to March 2015.
India's fiscal deficit was Rs 4.39 lakh crore ($71.5 billion) during April-September,
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