NEW DELHI: India has met the
target of 3.4 percent of
gross domestic product
in 2018/19 fiscal year ended March 31, by cuts in state spending and higher borrowings from
small savings funds
, a government source told reporters on Tuesday.
The government missed the
target by over 1 trillion rupees ($14.41 billion), including about 500 billion rupees shortfall in income tax receipts, said the source, who requested anonymity.
The official declined to share further details about expenditure cuts in the fund allocations to different ministries.