May 17, 2015 / 11:23 AM / 4 years ago

India beats own target to contain fiscal and revenue deficits

A money lender counts rupee currency notes at his shop in Ahmedabad, May 6, 2015. REUTERS/Amit Dave/Files

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

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