For the fiscal year ended March 2020, the fiscal deficit ballooned from the revised target of 3.8% to 4.59% as per the official data released on Friday.
For the month of April, the measure scaled to 35.1% of the targeted Rs. 7.96 lakh crore for FY21 as lower revenues hit amid Covid 19.
Fiscal deficit is the difference in the revenue and expenditure stream. For the month of April, government's revenue stood at Rs. 21,412 crore, which is a massive 70% decline from Rs. 71,637 crore recorded for the same month last year.
In the wake of Covid 19, the FM had cancelled the escape provision in the FRBM Act for pegging the deficit 0.5% higher than budgeted.