<div>India's fiscal deficit in the first ten months of the 2013-14 financial year crossed the target for the whole year, putting pressure on the finance minister of Asia's third-largest economy to cut spending ahead of an election.</div><div> </div><div>The fiscal deficit touched Rs 5.33 trillion during April-January, or 101.6 per cent of the full year target, compared with 89.4 per cent at the same point a year ago, government data showed on Friday.</div><div> </div><div>In his interim budget on February 17, Finance Minister P. Chidambaram said the fiscal deficit would not cross 4.6 per cent of GDP, revising an earlier target of 4.8 per cent.</div><div> </div><div>Net tax receipts were at Rs 5.76 trillion in the first ten months of the current fiscal year to March 2014, while total expenditure was Rs 12.7 trillion.</div><div> </div><div>Much tax collection happens in the last two months of the fiscal year and a large part of India's revenues come from non-tax sources. Chidambaram is likely to tighten spending in what is left of the year to meet his goal.</div><div> </div><div>(Reuters)</div>
