Fiscal deficit hits 93% of budget estimate

New Delhi: India's fiscal deficit reached nearly 93 per cent of the budget estimate at Rs 6.52 lakh crore at the end of September in the current financial year, government data showed on Thursday.

In absolute terms, the fiscal deficit or the gap between expenditure and revenue was Rs 6,51,554 crore as on September 30, according to the data released by the Controller General of Accounts (CGA).

The deficit stood at 95.3 per cent of the 2018-19 budget estimate (BE) in the corresponding month a year ago. The government has pegged the fiscal deficit for the current financial year at Rs 7.03 lakh crore, aiming to restrict the deficit at 3.3 per cent of the gross domestic product (GDP).

Notably, the government has let go of revenues to the tune of Rs 1.45 lakh crore by announcing cuts in corporate tax in September with a view to boosting the faltering economy.