India meets fiscal deficit target of 3.4% via spending cuts: Report

  • The government missed the tax collections target by over 1 trillion
  • India met the fiscal deficit target by cutting state spending and higher borrowings from small savings funds

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.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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