FY18 fiscal deficit to be lower than revised estimates of 3.5%: S C Garg

India revised its fiscal deficit target to 3.5% of GDP from an earlier 3.2% of GDP for the 2017/18 fiscal year that ended on March 31

India's economic affairs secretary on Monday said that the country's fiscal and revenue deficits would be lower than the revised estimates for the 2017/18 fiscal year.

After taking into consideration almost all revenues and expenditure, "I can confirm that both fiscal deficit and revenue deficit are lower than the revised estimates for 2017/18," Subhash Chandra Garg said on Twitter.

India revised its fiscal deficit target to 3.5 per cent of GDP from an earlier 3.2 per cent of GDP for the 2017/18 fiscal year that ended on March 31.

Earlier, Finance Secretary Hasmukh Adhia told reporters India has raised Rs 9.95 trillion ($152.82 billion) in direct taxes in 2017/18 compared with a collection target of Rs 9.8 trillion.