India's fiscal deficit rises to 115% of target in 8 months of FY20

Fiscal deficit of the Union government rose to 114.8 per cent of the target in the first eight months of the fiscal year, the data released by the Controller General of Accounts showed.
 
The gap between the government’s revenue and spending stood at Rs 8.07 trillion at the end of November — Rs 1 trillion (13 per cent) more than the full-year target.
 
A persistent contraction in gross tax revenue, with expenditure growing consistently, has put pressure on government finances, resulting in a larger deficit well before the end of the fiscal year.
 
While the corporation tax