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Strategies & Market Trends : New India

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From: Sam Citron	8/1/2006 12:35:05 PM
	of 608

India's Fiscal Deficit Expands by 43% As Spending Rises ASSOCIATED PRESS August 1, 2006; Page A6 NEW DELHI -- India's first-quarter fiscal deficit widened 43% from a year earlier amid increased spending by the government. The federal government's deficit expenditure in excess of revenue widened to 777 billion rupees ($17 billion) for the April-June period from 545 billion rupees a year earlier, according to the Finance Ministry. The deficit in the first quarter amounted to 52% of the full-year target set in the budget. The government aims to keep its deficit for the current fiscal year ending March 2007 at under 3.8% of the country's gross domestic product. The deficit widened despite a 37% increase in government revenue, because spending rose even faster, the Finance Ministry said. Government spending during April-June rose 41% to 1.32 trillion rupees. The surge in spending appeared to be caused by increased allocation for a government employment-guarantee program.

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