India, Jan. 22 -- Having achieved the fiscal deficit (FD) target for three years in a row, the Narendra Modi Government missed it in 2017-18 and 2018-19. During 2017-18, the actual FD expressed as a percentage of the Gross Domestic Product (GDP) was 3.5 per cent against the target of 3.2 per cent. For 2018-19, the then Finance Minister, Arun Jaitley had set a target of 3.3 per cent as against three per cent sought by a committee under NK Singh, former Expenditure Secretary and current Chairman of the 15th Finance Commission.

The committee was set up in 2016 to review the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, with a mandate to revamp it and recommend a path for the next six years. It advocated a FD target of 2.5 pe...