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India's Fiscal Deficit Crosses 77 Per Cent Of Budgeted Target In First Four Months Of 2019-20

Net tax receipts in the first four months of the fiscal year were 3.39 trillion rupees, while total expenditure was 9.47 trillion rupees, government data showed.

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Fiscal deficit in the four months through July stood at 5.48 trillion rupees (USD 76.65 billion), or 77.8 per cent of the budgeted target for the current fiscal year, government data showed on Friday.

Net tax receipts in the first four months of the fiscal year were 3.39 trillion rupees, while total expenditure was 9.47 trillion rupees, government data showed.

The government has set a fiscal deficit target of 3.4 per cnet for 2019-20, same as 2018-19.

Sitharaman also stated that specialised agencies have been set up for monitoring every bad loan which is over Rs 250 crores.

The FM said that partial credit guarantee scheme for non-banking financial companies has been implemented Rs 3,300 crore liquidity support given and Rs 30,000 crore in pipeline, as a major boost to companies in other sectors. She further said there is no government interference in commercial decisions of banks.

She said the creation of next-generation banks was imperative for India to become a US dollar 5 trillion economy in the next five years.

She said that the NPAs of banks have come down due to the measures taken by the government to strengthen the financial sector.

"The NPAs have come down from Rs 8.65 lakh crore in December 2018 to Rs 7.90 lakh crore now," she said.

(Reuters)


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