NEW DELHI, May 9 Reuters India39;s fiscal deficit for the year ending March 2024 is expected to be slightly better than the government39;s projection of 17.35 trillion rupees 207.81 billion, a government source told Reuters on Thursday.

Extra tax receipts and some nontax revenues helped in bettering the fiscal deficit target, the government source, who did not want to be named, told reporters in New Delhi.

Indian government will release the 202324 fiscal deficit data on May 31.

India39;s income tax receipts rose 17.7 yearonyear to nearly 235 billion in 202324, higher than government39;s projection.

The government is targeting a fiscal deficit of 5.8 of GDP for that financial year.

The official did not specify if the fiscal deficit as a percentage of GDP would also be lower than target.

India39;s spending plans for AprilJune have not been impacted due to the ongoing elections, the source said, without giving details.

Meanwhile, the government will assess if it needs to undertake another round of buying back government securities, after the central bank accepted offers to buy back government bonds worth 105.10 billion rupees at an auction on Thursday against the notified amount of 400 billion rupees.

1 83.4916 Indian rupees

Reporting by Nikunj Ohri; Editing by Sudipto Ganguly and Mrigank Dhaniwala

Source Reuters