The correct answer is option 3, which states that the fiscal deficit as a percentage of GDP has been as per the Budget Estimates. This statement is incorrect because the fiscal deficit for the Indian economy during 2019-20 exceeded the Budget Estimates.

To understand the options better:

1. Option 1 states that there has been a deceleration in the growth rate. This means that the rate of economic growth has slowed down during the specified period.

2. Option 2 states that there has been sluggish growth in tax revenue relative to the Budget Estimates. This means that the actual tax revenue collected was lower than what was estimated in the budget.

3. Option 3, which is the incorrect option, states that the fiscal deficit as a percentage of GDP has been as per the Budget Estimates. Fiscal deficit is the difference between the government`s expenditure and its revenue. In this case, it exceeded the estimated value.

4. Option 4 states that the non-tax revenue registered a considerably higher growth. This means that revenue generated from non-tax sources, such as dividends, profits, and fees, experienced significant growth.

Alert - The correct answer should be: 3. The fiscal deficit as a percentage of GDP exceeded the Budget Estimates.