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India's April-June fiscal deficit narrows to US$36.8 billion as tax receipts rise

India's federal fiscal deficit for the April-June quarter narrowed to 2.74 trillion rupees (US$36.83 billion), down more than 58per cent from the same period in the previous fiscal year, government data released on Friday showed, amid a pick up in tax receipts.

India's April-June fiscal deficit narrows to US$36.8 billion as tax receipts rise

FILE PHOTO: A man walks along a wall overlooking the central Mumbai's financial district skyline, India, March 9, 2017. REUTERS/Danish Siddiqui

NEW DELHI: India's federal fiscal deficit for the April-June quarter narrowed to 2.74 trillion rupees (US$36.83 billion), down more than 58per cent from the same period in the previous fiscal year, government data released on Friday showed, amid a pick up in tax receipts.

The fiscal deficit during the same period had widened to 6.62 trillion rupees last year, after a fall in tax receipts due to pandemic lockdown that led to the worst recession in seven decades.

Net tax receipts in the first three months to end-June rose to 4.13 trillion rupees (US$55.51 billion), from 1.35 trillion rupees during the same period in the previous fiscal year, while government spending marginally rose to 8.21 billion rupees, from 8.16 trillion rupees, the data showed.

(US$1 = 74.3970 Indian rupees)

(Reporting by Manoj Kumar and Aftab Ahmed; Editing by Alex Richardson)

Source: Reuters

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