New Delhi: India’s fiscal deficit during the five months to August was Rs4.08 trillion ($61.3 billion) or 76.4% of the budgeted target for the fiscal year ending in March 2017, government data showed on Friday.

The deficit is usually higher in initial months as major revenues, including income tax and dividends from state companies, are mostly received towards the end of a financial year.

The fiscal deficit was 66.5% of the full-year target during the same period a year ago.

Net tax receipts in the first five months of 2016/17 fiscal year were Rs2.8 trillion.

Finance minister Arun Jaitley, who faces the challenge of providing more funds for capital infusion in state banks, aims to cut down the deficit to 3.5% of GDP from 3.9% in the previous year. Reuters

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