The government today said fiscal deficit could overshoot the Budget target and touch 5.3 per cent of the GDP this financial year. Talking to reports in New Delhi today Department of Economic Affairs Secretary Arvind Mayaram said that the government may not be able to contain fiscal deficit to the Budget plan of 5.1 per cent of GDP and it could be 5.2 to 5.3 per cent.The government in its 2012-13 Budget had estimated the country's economic growth in the range of 7.6 per cent and gap between expenditure and revenue at 5.1 per cent. In the first four months of 2012-13, fiscal deficit has already crossed 50 per cent of Budget Estimate of 5.13 lakh crore rupees, or 5.1 per cent of GDP.AIR correspondent reports, according to the Prime Minister's Economic Advisory Council, India's Gross Domestic Product is likely to be 6.7 per cent this fiscal given the economic slowdown.The Finance Ministry had recently assured the industry that it would soon come out with steps to contain fiscal deficit. Besides other reasons, subsidy outgo on petroleum products is putting pressure on the government finances. While the government recently hiked diesel prices and decided to cap the supply of subsidised LPG cylinders to domestic consumers, high crude oil prices in the international markets continue to remain a concern.