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India’s Fiscal Goal Within Reach on $24 Billion Revenue Cushion

India is expected to surpass its tax collection goal by more than 2 trillion rupees ($24.3 billion) in the current fiscal year, according to two officials with knowledge on the matter.

Strong revenue receipts is giving Prime Minister Narendra Modi’s government leeway to contain the budget deficit within 6.4% of gross domestic product amid a ballooning subsidy bill, said the two officials. A finance ministry spokesperson declined to comment on the matter.