August 31, 2018 / 10:22 AM / 5 months ago

India's April-July fiscal deficit at 86.5 percent of full-year target

A man counts Indian currency notes inside a shop in Mumbai, August 13, 2018. REUTERS/Francis Mascarenhas/Files

NEW DELHI (Reuters) - India reported on Friday a fiscal deficit of 5.4 trillion rupees ($76.12 billion) for April-July, or 86.5 percent of the budgeted target for the current fiscal year compared with 92.4 percent a year earlier.

Net tax receipts in the first four months of 2018/19 fiscal year that ends in March 2019 were 2.93 trillion rupees, government data showed.

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

($1 = 70.9400 Indian rupees)

Reporting by Manoj Kumar; Editing by Malini Menon

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