India`s FY24 fiscal deficit lower than full-year target
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India's fiscal deficit for the financial year ended March 31 was lower than its full-year target of 5.8% of the gross domestic product due to a small cut in expenditure, government data showed on Friday.
The fiscal deficit came in at 16.54 trillion rupees ($198.34 billion), or 95.3% of the estimate, even as the government continued its record infrastructure spending to boost the economy.
The Indian economy grew 8.2% in 2023/24, GDP data released on Friday showed. India's fiscal year starts from April 1 and runs through March 31.
Net tax receipts for 2023/24 were higher than projected at 23.27 trillion rupees, and 100.1% of the year's target, the data showed.
Total expenditure came in at 44.43 trillion rupees, or 99% of the targeted spend for that year.
The government's capital spending on infrastructure projects was 9.49 trillion rupees.
