India's fiscal deficit during April to December 2011 touched 92.3% of the Government's estimate for the full fiscal year, reinforcing growing fears that the March-end figure will be much higher than the annual projection.
The shortfall in the Government's budget stood at Rs 3.81 trillion, the Controller General of Accounts (CGA) said on its website today.
The fiscal deficit was 44.9% of the annual goal in the first nine months of FY11.
Net tax receipts were Rs 4.2 trillion and total expenditure was Rs 8.96 trillion during the April-December 2011 period.
Revenue collection was 63.1% of the full-year target in the nine months through December, compared with 85.6% in the same period last year, CGA data showed.
In February 2011, the Government had budgeted a fiscal deficit of 4.6% of GDP for the fiscal year 2011-12, but many economists see the deficit overshooting by a wide margin due to slowing growth and increased spending.
Finance Minister Pranab Mukherjee has himself said that cutting the budget deficit in FY12 will be a serious challenge.
Slowing growth threatens to hurt tax receipts even as subsidies spur spending and the government struggles to sell stakes in companies it owns.