India's fiscal deficit overshoots budget estimate by 112% till Nov

India's fiscal deficit stands at Rs 6,12,105 crore in just eight months of FY18, overshooting the budgeted estimate (BE) target by 112% for the current financial year.
 
The government has estimated Rs 5,46,532 crore of fiscal deficit for FY18. The fiscal deficit during the same period of the last year stood negative at 85.8%.
 
As per Controller General of Accounts (CAG) data, fiscal deficit in the month of November stood at Rs 86,784 crore higher compared to Rs 26,383 crore in October 2017, and Rs 34,489 crore in the similar month of the previous year.
 

Fiscal deficit occurs when a government's total expenditure exceeds the revenue that it generates, excluding money from borrowings.
 
While fiscal deficit target surpasses the government's estimates, the target set for revenue receipts is yet to be achieved for FY18.
 
Revenue receipt stood at Rs 76,093 crore in November - totalling Rs 8,04,861 crore so fare in FY18. Target for this indicator has only been achieved by 53.1% compared to estimate of Rs 15,15,771 crore.
 
On the other hand, total expenditure arrived at Rs 1,86,167 crore in November- totalling up to Rs 14,78,815 crore till date in FY18. Thus, the government has managed to touch 68.9% of its BE, which has been set at Rs 21,46,735 crore.
 
On September 28, the Finance Ministry said that it will remain firm on its borrowing and fiscal deficit targets for this financial year, hinting that it has no plans to relax spending goals to prop up growth as of now.
 
In the Union Budget 2017, Finance Minister Arun Jaitley had stated that the government plans to achieve fiscal deficit target of 3.2% for FY18.