The government now expects fiscal deficit —gap between expenditure and revenue —could overshoot the Budget target of 5.1percent and touch 5.3 percent of the GDP this financial year, Department of Economic Affairs Secretary Arvind Mayaram says.
In the first four months of 2012-13, fiscal deficit has already crossed 50 percent of Budget Estimate of Rs 5.13 lakh crore, or 5.1 percent of GDP.
According to the Prime Minister’s Economic Advisory Council (PMEAC), India’s Gross Domestic Product (GDP) is likely to be 6.7 percent this fiscal given the economic slowdown.
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