India's fiscal deficit hits half of budgeted target in first two months of FY20

India's fiscal deficit in May stood at 3.66 trillion rupees ($53.04 billion), or 52% of the budgeted target for the current fiscal year, government data showed on Friday.

Net tax receipts in the first two months of the fiscal year were 1.15 trillion rupees, while total expenditure was 5.13 trillion rupees, government data showed.

The government has set a fiscal deficit target of 3.4% for 2019/20, same as 2018/19.