India’s fiscal deficit for the first four months of this fiscal year through July stood at 3.41 lakh crore rupees, or 20.5% of annual estimates, government data showed today.The fiscal deficit narrowed from 21.3% reported in the comparable year-earlier period.Total receipts stood at 7.86 lakh crore rupees, while overall expenditure in April to July was at 11.27 lakh crore rupees. They were 34.4% and 28.6% of this fiscal year’s budget target.Revenue receipts stood at 7.56 lakh crore rupees, of which tax revenue was 6.66 lakh crore rupees and non-tax revenue was 89,583 crore rupees.In May, the government had cut taxes on petrol and diesel to cushion the impact of a spike in global energy prices. Some economists however said windfall gain tax and additional tax revenue owing to GST over and above the budget will likely provide relief to the fiscal situation.Revenue deficit was at 1.63 lakh crore rupees or 16.4% of the fiscal year’s budget target, data showed.While announcing the federal budget for this fiscal year, Finance Minister Nirmala Sitharaman had said India will aim to narrow the fiscal gap to 6.4% of gross domestic product from 6.7% in the last financial year.On the expenditure side, New Delhi spent about 1.10 lakh crore rupees on major subsidies such as food, fertilisers and petroleum. This was 35% of the annual budget aim.