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India

India's April-Jan fiscal deficit hits 66.8% of full-year target

Indian currency of different denominations are seen in this picture illustration taken in Mumbai April 30, 2012. REUTERS/Vivek Prakash/Files

NEW DELHI (Reuters) - India’s federal fiscal deficit in the 10 months to end-January stood at 12.34 trillion rupees ($167 billion), or 66.8% of the revised budgeted target for the whole fiscal year, government data showed on Friday.

Net tax receipts were 11.02 trillion rupees, while total expenditure was 25.17 trillion rupees, the data showed.

On Feb. 1, the government revised its fiscal deficit target for the current year that runs through March to 9.5% of gross domestic product (GDP), instead of its original target of 3.5% of GDP as the coronavirus pandemic lead to lower tax collection and higher spending.

($1 = 73.7500 Indian rupees)

Reporting by Aftab Ahmed; Editing by Alex Richardson

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