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India’s Budget Deficit Reached 37.1% of Fiscal-Year Goal in June

India’s budget deficit in the three months through June was 37.1 percent of the fiscal-year goal as the nation struggles to narrow a shortfall that the central bank says may exceed the government’s target.

The shortfall was 1.9 trillion rupees ($34 billion), the Controller General of Accounts said on its website today. The government’s target for the 12 months through March 2013 is 5.14 trillion rupees.

Prime Minister Manmohan Singh is grappling with a budget deficit amid pressure to keep subsidies for fertilizer and diesel to help the 824 million Indians living on under $2 a day. His administration projects record borrowing of 5.69 trillion rupees in 2012-2013 to fund its targeted shortfall of 5.1 percent of GDP, down from 5.8 percent last year.

The government is at risk of missing the goal, the Reserve Bank of India said in a quarterly review of the economy yesterday. It said today India’s “large twin deficits” in the current account and the budget pose “significant risks to macroeconomic stability.”

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