New Delhi, Aug. 31 -- India's fiscal deficit stood at Rs.4.55 trillion or 26.8% of the full-year budget estimate at the end of July, according to the latest monthly accounts released by the Controller General of Accounts (CGA) on Monday.

The deficit was 29.9% of the annual target in the corresponding period of the previous year. The deficit rose to 26.8% of the annual target by July from 18.2% at the end of June, as government expenditure continued to exceed receipts.

The Centre has budgeted a fiscal deficit of Rs.16.96 trillion, or 4.3% of GDP, for FY27. It is counting on robust tax collections and higher non-tax revenues in the coming months to meet this target.

The fiscal deficit is the gap between the government's total expenditure...