India’s fiscal deficit stood at Rs 5.54 lakh crore at the end of August, which is 78.7% of the budgeted estimate for the current fiscal year, official data released on Monday showed.After the first five months of 2018-19, the fiscal deficit — or the difference between the government’s total revenues and total expenditure — was at Rs 5.91 lakh crore, or 94.7% of the budgeted estimate.The Union budget has estimated the fiscal deficit for 2019-20 to be Rs 7.03 lakh crore, or 3.3% of the gross domestic product (GDP). Recent steps by the government to boost economic activity after the growth slipped to a six-year low of 5.0% have led experts to estimate that the fiscal deficit is set to exceed the government target. Credit rating agency Fitch ratings has estimated that India’s federal fiscal deficit for 2019-20 will be 3.7% of GDP.The revenue deficit, which is the dip in actual net revenue from projected net revenue, stood at Rs 4.36 lakh crore at the end of August 2019, against Rs 4.74 lakh crore a year earlier, according to data released by the Controller General of Accounts (CGA). Total government spending during the period was Rs 11.75 lakh crore, 9.75% higher than the year-ago figure of Rs 10.71 lakh crore. Capital expenditure however, capital expenditure has slowed in the current financial year at 40.3 % of the budget estimate against 44.1% in the year-ago period, according to the CGA.Total receipts during April-August remained at Rs 6.21 lakh crore, 29.8% of the budget estimate for the full fiscal.