NEW DELHI: India has met the fiscal deficit target of 3.4 percent of gross domestic product in 2018/19 fiscal year ended March 31, by cuts in state spending and higher borrowings from small savings funds, a government source told reporters on Tuesday.
The government missed the tax collections target by over ₹1 trillion ($14.41 billion), including about ₹500 billion shortfall in income tax receipts, said the source, who requested anonymity.
The official declined to share further details about expenditure cuts in the fund allocations to different ministries.
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