India Reports Smaller-Than-Projected Budget Deficit for FY12
India’s government reported its budget deficit in the year to March 31 was 5.76 percent of gross domestic product, smaller than its earlier projection of 5.9 percent.
Finance Minister Pranab Mukherjee aims to cut the shortfall to 5.1 percent in the current year by capping subsidies on products such as fuels and fertilizers. Revenue deficit was also lower at 4.34 percent of GDP, compared with an earlier estimate of 4.4 percent.
Some spending plans for the current fiscal year have been reduced by 10 percent as part of austerity measures, the government said separately today. The budget gap reached 13.1 percent of the annual target in April, the government said.
To contact the editor responsible for this story: Stephanie Phang at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.