February 28, 2017 / 11:35 AM / 9 months ago

India's fiscal deficit breaches 2016/17 target in January

NEW DELHI (Reuters) - India’s fiscal deficit in the first 10 months to January was 5.64 trillion rupees ($84.56 billion) or 105.7 percent of the budgeted target for the fiscal year ending in March 2017, government data showed on Tuesday.

FILE PHOTO: A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. REUTERS/Mukesh Gupta/File photo

The fiscal deficit was 95.8 percent of the full-year target during the same period a year ago.

Net tax receipts in the first 10 months of 2016/17 fiscal year were 8.16 trillion rupees, the data showed.

The government’s tax receipts usually rise in the last two months of the fiscal year than its spending, thereby helping it meet the budgeted full-year fiscal deficit target.

The federal government reiterated earlier this month that it would meet the 2016/17 fiscal deficit target of 3.5 percent of gross domestic product, and had also set the next fiscal year’s target at 3.2 percent of GDP.

($1 = 66.7000 rupees)

Reporting by Manoj Kumar; Editing by Malini Menon

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