NEW DELHI (Reuters) - The government said on Sunday it managed to better its target for containing the fiscal and revenue deficits in the last financial year.
The fiscal target was 4 percent of gross domestic product for the year ending March 31, compared with a goal of 4.1 percent, the government said in a statement. The revenue target was 2.8 percent, compared with the aim of 2.9 percent.
Over the past year, Prime Minister Narendra Modi has taken a slew of measures to stabilize the economy and attract investment. But while inflation has cooled, in large measure due to the dramatic fall in global oil prices, recovery in India’s domestic demand-driven economy remains sluggish.
Reporting By Andrew MacAskill; Editing by Hugh Lawson