New Delhi: India 's fiscal deficit at the halfway mark in 2019-20 stood at 92.6% of budgeted estimates, lower than 95.3% in April-September, 2018-19, helped by transfers from the RBI. With muted tax revenues, the government will have to undertake spending cuts to achieve FY20 fiscal target of 3.3% of GDP , say economists.Additional RBI transfer provided some cushion to the government that saw net tax revenues grow by a muted 4%, aiding overall revenue receipts that stood at Rs 8.16 lakh crore in H1 of FY20.RBI will transfer Rs 1.76 lakh crore to the government following a recommendation by the Bimal Jalan-led committee. Of this, Rs 28,000 crore was given as interim dividend last year.The government had budgeted Rs 90,000 crore as dividend from the central bank in 2019-20, implying an additional Rs 58,000 crore over and above the budget estimate.The Union Budget estimated fiscal deficit for 2019-20 to be Rs 7.03 lakh crore, or 3.3% of the gross domestic product (GDP).According to the official government data released on Thursday, in April-September government spending stood at 53.4% of full year estimates, the same level as in the corresponding period last year.Total government spending during the period was Rs 14.89 lakh crore, 14.14% higher than the year-ago figure of Rs 13.04 lakh crore."Expenditure cuts may be inevitable to prevent the fiscal deficit from rising too sharply in FY20," said Aditi Nayar, principal economist, ICRA Ltd.The government has run up 55% of the capital expenditure estimate for the full year and that has limited the scope for spending cuts."Government spending has significantly picked up pace in the months after the presentation of the Union Budget in July 2019, which would support economic growth in Q2 FY20," Nayar said, pointing that encouragingly at 15.3% in H1 FY20, the growth of capital spending has outpaced that of revenue spending, which expanded 14.0% in the same period.The government had, however, on September 30 announced that it would stick to budgeted levels of market borrowing for the fiscal indicating that it was keen to keep within budgeted estimates for fiscal deficit.