The country's fiscal deficit
during the April-October period rose to Rs 3.68 trillion ($67.5
billion), or 71.6 per cent of the budgeted full fiscal year 2012/13
target, government data showed on Friday.
During the same period in the previous fiscal year, the deficit was 74.4 per cent of the budget target.
Net tax receipts during the April-October period stood at Rs 3.34 trillion ($61.6 bln) and the total expenditure was about Rs 7.79 trillion.
The government is aiming to keep the deficit at 5.3 per cent of GDP this fiscal year, a revision to the target of 5.1 per cent in the March 2012 budget.
Economists forecast that the FY13 fiscal deficit will overshoot the government target of 5.3%. High current account deficit will continue to impact the rupee.
The Gross Domestic Product (GDP) grew at 5.3% versus 5.5% in the first quarter of the current financial year. An ET Now poll had estimated a growth rate of 5.3%. The consensus estimates of the poll range between 5% to 6%.
India's economy could gather pace in the new year, putting behind a dismal year, Goldman Sachs said in a report released on Thursday. Goldman Sachs said Indian economy is expected to expand 6.5% in 2013 thanks to an improvement in external demand and pick-up in reforms, and further accelerate to 7.2% in 2014.
Its upbeat assessment was based on "easing financial conditions, in part driven by some reduction in policy rates, a continuation of reforms boosting confidence, and a normal agricultural crop."
The investment bank pegged 2012 growth at 5.4% and listed a number of measures to accelerate the economy.
During the same period in the previous fiscal year, the deficit was 74.4 per cent of the budget target.
Net tax receipts during the April-October period stood at Rs 3.34 trillion ($61.6 bln) and the total expenditure was about Rs 7.79 trillion.
The government is aiming to keep the deficit at 5.3 per cent of GDP this fiscal year, a revision to the target of 5.1 per cent in the March 2012 budget.
Economists forecast that the FY13 fiscal deficit will overshoot the government target of 5.3%. High current account deficit will continue to impact the rupee.
The Gross Domestic Product (GDP) grew at 5.3% versus 5.5% in the first quarter of the current financial year. An ET Now poll had estimated a growth rate of 5.3%. The consensus estimates of the poll range between 5% to 6%.
India's economy could gather pace in the new year, putting behind a dismal year, Goldman Sachs said in a report released on Thursday. Goldman Sachs said Indian economy is expected to expand 6.5% in 2013 thanks to an improvement in external demand and pick-up in reforms, and further accelerate to 7.2% in 2014.
Its upbeat assessment was based on "easing financial conditions, in part driven by some reduction in policy rates, a continuation of reforms boosting confidence, and a normal agricultural crop."
The investment bank pegged 2012 growth at 5.4% and listed a number of measures to accelerate the economy.
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