India's April-Nov fiscal deficit touches $118 billion

FILE PHOTO: Men load containers at a fish market in Mumbai

By Nikunj Ohri

(Reuters) - India's fiscal deficit for April-November was 9.78 trillion rupees ($118.23 billion) or 58.9% of annual estimates, government data showed on Friday.

Net tax receipts were 12.25 trillion rupees, while total expenditure was 24.43 trillion rupees, the data showed.

The government's subsidy bill for food, fuel and fertiliser was 3.01 trillion rupees during April-November, nearly exhausting the 2022/23 budgeted amount of 3.18 trillion rupees.

Reuters reported India's subsidy bill was expected to touch 5.5 trillion rupees this fiscal year on account of high food and fertiliser prices due to the war in Ukraine.

In February, while presenting the annual budget, Finance Minister Nirmala Sitharaman set the fiscal deficit target at 6.4% of gross domestic product for 2022/23 starting April, compared to 6.7% in the previous fiscal year.

($1 = 82.7200 Indian rupees)

(Reporting by Nikunj Ohri; Editing by Alex Richardson)