Fiscal deficit hits 102% of Budget Estimate till Oct

The country's fiscal deficit hit 102.4 per cent of 2019-20 Budget Estimate at Rs 7.2 lakh crore at the end of October, government data showed on Friday.

The fiscal deficit or the gap between expenditure and revenue was at Rs 7,20,445 crore as on October 31, 2019, according to the data released by the Controller General of Accounts (CGA).

The deficit was at 103.9 per cent of 2018-19 Budget Estimate (BE) in the corresponding month a year ago.

The government has estimated 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).

In September, the government decided to lower tax rate for corporates and has pegged that it will have an impact of Rs 1.45 lakh crore on its revenue mobilisation.