International Monetary Fund, IMF has said that India's fiscal deficit is expected to increase to 8.5 per cent of the GDP this financial year. In its October 2013 Fiscal Monitor Report, IMF said, this is mainly due to the downward revision in GDP growth, depreciation of rupee and higher global oil prices. This projection comes a day after the multilateral agency lowered its projection of India's growth rate to 3.75 per cent in 2013.