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Old 03-31-2010, 12:59 PM
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Default India's Apr-Feb fiscal deficit at $84.7 bn: Government

NEW DELHI: India's fiscal deficit from April 2009 to February 2010 was Rs 3.81 trillion ($84.7 billion), or 92 percent of the full-year target,



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the government said in a statement on Wednesday.



Tax receipts were Rs 3.59 trillion and total expenditure was Rs 8.58 trillion for the first 11 months of the 2009/10 fiscal year.

In July 2009, the government had forecast a fiscal deficit of Rs 4 trillion, or 6.8 percent of gross domestic product, for the current financial year.

Reserve Bank of India will sell 2.87 trillion rupees ($64 billion) of bonds in the first half of 2010/11, 63 percent of its record full-year target, less than market expectations, sending yields down.

India's gross borrowing in 2010/11 is set to rise an annual 1.3 percent to 4.57 trillion rupees to fund a fiscal deficit that is projected at 5.5 percent of the gross domestic product.

The RBI has said managing the government's debt programme this year would be a challenge as last fiscal year's net debt supply was significantly lower than the net borrowing on account of a $13.6 billion buy-back of bonds by the central bank.
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