The country's fiscal deficit is expected to reach seven per cent of GDP

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Mumbai, Ta. 07 January 2021, Thursday

At the end of the current financial year, India's fiscal deficit will be more than seven per cent of Gross Domestic Product (GDP), according to a report. However, the Government of India had projected a deficit of 6.50% at the time of presentation of the budget for the current financial year.

He said the government would need to borrow Rs 15 trillion to get people out of the serious impact of the corona on the country's economy.

The government's tax revenue is currently improving but the increase is not enough to offset the shortfall at the beginning of the financial year, the report said.

The lockdown imposed earlier in the year led to a shortfall in revenue through taxes.

Tax revenue and disinvestment are expected to fall by Rs 7 trillion from the initial estimate.

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