India’s fiscal deficit this financial year would be 3.4 percent of gross domestic product (GDP), slightly higher than the targeted 3.3 percent, the country’s acting finance minister said on Friday while presenting an interim budget.

“Fiscal deficit has been brought down to 3.4 percent in the revised estimate of 2018/19,” Piyush Goyal told the lower house of parliament as he delivered the Hindu nationalist-led government’s last budget for an election that must be held by May.

The deficit was widely expected to be higher than targeted due to a combination of revenue shortfalls and increased spending ahead of the election.