North Block which houses the Ministry of Finance. (Photographer: Prashanth Vishwanathan/Bloomberg)

India’s Fiscal Deficit Hits 68.3% Of FY18 Target In May

India’s fiscal deficit in May reached 68.3 percent of the government's target for the financial year 2017-18.

Fiscal deficit, the difference between the government's expenditure and revenue, stood at Rs 37.3 lakh crore, data released by the Controller General of Accounts showed. The Union Budget 2017-18 had set the fiscal deficit target for FY18 at Rs 54.7 lakh crore target or 3.2 percent of the gross domestic product.

Revenue from taxes stood at Rs 67,668 crore, around 5.5 percent of the government’s target for the current financial year. Non-tax revenue reached 5.3 percent of the full-year target and stood at Rs 15,344 crore.

Around 17 percent of the government's capital expenditure target was achieved in the first three months of FY18, with the total figure around Rs 52,536 crore. The government’s total spending stood at Rs 4.5 lakh crore or one-fifth of the FY18 target.