The government has targeted fiscal deficit to be at Rs 7.03 lakh crore for 2019-20.
As per the Controller General of Accounts (CGA) data released on Tuesday, the fiscal deficit during the corresponding months of the previous fiscal was 114.8 per cent of that year's target.
The Central government's total expenditure stood at Rs 18.20 lakh crore (65.3 per cent of BE) while total receipts were Rs 10.12 lakh crore (48.6 per cent of BE).
Besides, the total expenditure for the period under review comprised Rs 16.06 lakh crore on the revenue account, while Rs 2.13 lakh crore was on capital expenditure.
Total receipts comprised Rs 7.50 lakh crore of net tax revenue and Rs 2.32 lakh crore of non-tax revenue receipts.
According to ICRA Principal Economist Aditi Nayar: "With the GoI's fiscal deficit for the first eight months of FY2020 expanding by 12.7 per cent, and standing at 114.8 per cent of the budget estimates for the full year, concerns persist on the extent of the fiscal slippage that is likely in the current year."
"Given the likely shortfall in tax collections and lack of clarity on the eventual magnitude of inflows from telecom license holders and disinvestment proceeds, expenditure cuts may have to be undertaken to prevent the fiscal deficit from rising too sharply in FY2020."
( With inputs from IANS )