Indian fiscal deficit, according to the Controller General of Accounts, stood at 2.45 trillion rupees for the period between April to October against 1.17 trillion rupees in the corresponding period last year. It accounts for 61 percent of the full-year target by the Government of India.

Net tax collection during the period was not encouraging and declined 8.1% to 2.14 trillion rupees from 2.32 trillion rupees. It represents decline in tax payer’s earnings due to global slowdown.

Total spending, on the other hand, increased 31.6 per cent during the period to stand at 5.37 trillion rupees. The results are currently under the preview of bond market experts and they would soon come up with exact position of government’s financial health.

Meanwhile, Indian economic growth rate, led by economic recovery and increased industrial output, stood at 7.9% for the quarter ended September as compared to 6.1% in the previous quarter.

Union Finance Minister Pranab Mukherjee is optimistic for 7 per cent GDP growth. He recently told media persons, "I am quite hopeful that if this trend continues, we will have higher GDP growth than anticipated. I hope it will be around 7 percent."