The Indian central government's fiscal deficit reached 50.7% of the annual target in the first eight months of this fiscal year, compared to 58.9% a year before. The deficit dropped below the level a year earlier, reaching ₹9.07 lakh crore between April and November. The fiscal gap narrowed to ₹1.03 lakh crore in November, thanks to lower tax devolution to states, a contraction in revenue spending, and only a marginal increase in capital expenditure.
