The current recessionary trends which began in the middle of the last year reflect a grim fiscal scenario. The fiscal deficit for 2000-01 has overshot the revised estimates, with shortfalls in tax and nontax revenues. There is thus a significant spillover of government expenditure into the current fiscal year manifesting in four key developments - unusually high ways and means advances from the RBI, more rapid completion of the government's borrowing programmes so far this year, a 60 per cent rise in RBI's net credit to the government and finally, dwindling tax revenues, galloping expenditures and rising fiscal deficit.