India's fiscal deficit is expected to be at around 5 percent of gross domestic product, lower than the downward revised estimate of 5.2 percent for the 2012/13 fiscal year that ended in March, two government sources said on Thursday.
The government has cut its expenditure by a further 200 billion rupees in March which has helped in cutting the fiscal deficit, the officials said, adding the government has started the new fiscal year with a cash balance of one trillion rupees. Also read: Fiscal, current account deficits major challenges says FM Also, indirect tax collection has been higher-than-expected, offsetting a shortfall in direct tax recepits in 2012/13, they added. ($1 = 54.4350 rupees)Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
