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India Reports Smaller-Than-Projected Budget Deficit for FY12

May 31 (Bloomberg) -- 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 reporter on this story: Unni Krishnan in New Delhi at ukrishnan2@bloomberg.net.

To contact the editor responsible for this story: Stephanie Phang at sphang@bloomberg.net

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