India’s fiscal deficit reached 4.55 trillion rupees ($47.81 billion) during April-July, equal to 26.8% of the target for the financial year ending March 31, government data showed Monday. The shortfall was below the 4.7 trillion rupees recorded during the same period a year earlier. India has set its fiscal deficit target for financial year 2027 at 4.3% of gross domestic product, or 16.96 trillion rupees. Net tax receipts rose to 8.5 trillion rupees from 6.6 trillion rupees, while non-tax revenue increased to 4.2 trillion rupees from 4 trillion rupees. Total government expenditure climbed to 17.6 trillion rupees from 15.6 trillion rupees, including capital expenditure of 4.5 trillion rupees, up from 3.5 trillion rupees. Capital expenditure refers to spending on physical infrastructure. The exchange rate used in the data was $1 equal to 95.1625 Indian rupees.