Govt set to breach fiscal deficit target, shows GDP advance estimates

The first gross domestic product advance estimates for 2019-20, released on Tuesday, showed that nominal GDP is expected to grow 7.5 per cent this fiscal year to Rs 204.42 trillion, compared to 12 per cent to Rs 211-trillion forecast in the last Budget. 

This implies that theoretically, if the fiscal deficit for the year can be maintained at Rs 7.04 trillion, the deficit as a percentage of GDP will slip to 3.44 per cent, compared to the budgeted target of 3.3 per cent. 

However, with gross tax revenue shortfall expected to be much higher than Rs 2 trillion, and now