June 29, 2018 / 11:33 AM / 3 months ago

India says April-May fiscal deficit at 55.3 percent of full-year target

NEW DELHI (Reuters) - India reported on Friday a fiscal deficit of 3.45 trillion rupees ($50.37 billion) during April-May period, or 55.3 percent of the budgeted target for the current fiscal year compared with 68.3 percent a year ago.

FILE PHOTO: An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo

Net tax receipts in the first two months of 2018/19 fiscal year that ends next March were 1.02 trillion rupees, government data showed.

India expects to trim the deficit to 3.3 percent of GDP in this fiscal year, after meeting an upwardly revised fiscal deficit target of 3.5 percent of GDP in 2017/18.

($1 = 68.4925 Indian rupees)

Reporting by Manoj Kumar; Editing by Malini Menon

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