India's FY24 fiscal deficit lower than full-year target, shows govt data

India's fiscal deficit for the financial year ended March 31 was lower than its full-year target of 5.8% of the gross domestic product due to a small cut in expenditure, government data showed on Friday.

The fiscal deficit came in at Rs 16.54 trillion ($198.34 billion), or 95.3% of the estimate, even as the government continued its record infrastructure spending to boost the economy.

The Indian economy grew 8.2% in 2023/24, GDP data released on Friday showed. India's fiscal year starts from April 1 and runs through March 31.
 

Net tax receipts for 2023/24 were higher than projected at Rs 23.27 trillion , and 100.1% of the year's target, the data showed.

Total expenditure came in at Rs 44.43 trillion, or 99% of the targeted spend for that year.
 

The government's capital spending on infrastructure projects was Rs 9.49 trillion.