17 May 2015 10:35 PM AEST: The world’s largest democracy has beaten its own financial targets for the financial year 2014-15, the Government of India has announced.
A press statement issued today said the fiscal deficit for 2014-15 stands at 4.0 % as against the target of 4.1 % while the revenue deficit stands at 2.8% as against the target of 2.9%.
The gross tax collections also registered a 9% increase over the previous financial year, the statement claimed.
“Over the past year, Prime Minister Narendra Modi has taken a slew of measures to stabilise the economy and attract investment. But while inflation has cooled, in large measure due to the dramatic fall in global oil prices, recovery in India’s domestic demand-driven economy remains sluggish,” Reuters commented following the announcement.