New Delhi, (IANS) India’s fiscal deficit during April-May at Rs 2.28 lakh crore touched 42.9 per cent of the Budget estimates for fiscal 2016-17, as compared to the 37.5 per cent it had reached in the same period a year ago, government data showed on Thursday.

As per the Controller General of Accounts, the deficit, or the gap between expenditure and revenue for the entire current fiscal, has been pegged at Rs 5.33 lakh crore.

Tax revenue during the period in question yielded Rs 49,690 crore, or 4.7 percent of the estimate.

Total receipts, from revenue and non-debt capital, during the two months, were Rs 69,060 crore, or 4.8 percent of the estimates for the current fiscal.

Total expenditure of the government during April-May was Rs 2.98 lakh crore, or 15.1 percent of the entire fiscal’s estimates.

The revenue deficit during April-May was over Rs 1.99 lakh crore, or 56.2 percent of the estimates.

The government has set the target of restricting the current fiscal’s deficit at 3.5 per cent of the GDP or to Rs 5.33 lakh crore.