Fiscal deficit crosses 77% of annual target in July

  1. According to data released by the Controller General of Accounts(CGA), India’s fiscal deficit has reached 77% of the annual target for 2019-20 in July.
  2. Fiscal deficit is the amount of money that the government needs to borrow in a given year because their expenses were more than their revenues.
  3. In Union Budget 2019,India has set a fiscal deficit target of 3.3% of the Gross domestic product(GDP) for 2019-20.