Muted tax collections have led to fiscal deficit in the first quarter widening to 25.3 per cent of the budgeted target as compared to 21.2 per cent reported in the corresponding period of the last year. Impressive non-tax revenue collections could ease some pressure owing to slowdown in tax collections. While tax collections have seen a muted growth in the quarter ended June, capital expenditure of the central government has seen a strong growth of 59 per cent, indicating a steady improvement in the expenditure mix. The central government has budgeted a fiscal deficit target of 5.9 per cent for...