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|08 March, 2018

Indian govt seeks parliament nod for $13bln net extra spending in 2017/18

This extra spending is unlikely to impact the country's fiscal deficit target for 2017/18

Image of Indian rupees used for illustrative purpose.

Image of Indian rupees used for illustrative purpose.

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NEW DELHI - The Indian government on Thursday sought parliament's approval to spend a net additional 853 billion rupees ($13.14 billion) in new spending in the current fiscal year to end-March 2018, a finance ministry statement said.

This extra spending is unlikely to impact the country's fiscal deficit target for 2017/18 as India had raised the fiscal deficit target to 3.5 percent of gross domestic product from 3.2 percent earlier.

($1 = 64.9200 Indian rupees) (Reporting by Nigam Prusty and Manoj Kumar; Editing by Malini Menon)

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