Submitted by examrobotsa on Thu, 01/01/1970 - 05:30 In India, fiscal deficit shot up from 2*5 per cent of Gross Domestic Product (GDP) in 2007 - 08 to 6*0 per cent of GDP in 2008 - 09 (global recession year) because, as a ratio of GDPrevenue receipts rose faster than revenue expenditure revenue receipts fell and revenue expenditure on subsidies rosecapital receipts rose while revenue receipts fellrevenue receipts and non-debt receipts fell while revenue expenditure shot upstats: 0,264,408,120,264,24,264