September 30, 2016 / 11:01 AM / a year ago

India's April-Aug fiscal deficit reaches 76 pct of full-year target

NEW DELHI, Sept 30 (Reuters) - India's fiscal deficit during the five months to August was 4.08 trillion rupees ($61.3 billion) or 76.4 percent of the budgeted target for the fiscal year ending in March 2017, government data showed on Friday.

The deficit is usually higher in initial months as major revenues, including income tax and dividends from state companies, are mostly received towards the end of a financial year.

The fiscal deficit was 66.5 percent of the full-year target during the same period a year ago.

Net tax receipts in the first five months of 2016/17 fiscal year were 2.8 trillion rupees.

Finance Minister Arun Jaitley, who faces the challenge of providing more funds for capital infusion in state banks, aims to cut down the deficit to 3.5 percent of GDP from 3.9 percent in the previous year.

$1 = 66.5850 Indian rupees Reporting by Manoj Kumar; Editing by Malini Menon

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