The paper, tabled in the assembly, warned that the state was headed for a financial crisis and blamed the previous UDF Government under Oommen Chandy for the mess.
Officials said large public sector companies have already been asked to front-load their capital expenditure plans to spur spending.
The revenue receipts during the entire year have been pegged at Rs 19.77 lakh crore.
The Budget has set a target of 17.5 per cent growth in direct taxes and about 15.5 per cent growth in indirect taxes.
'The fiscal path of the government in the last five years had been exemplary. We are confident about achieving the fiscal targets,' Finance Minister Nirmala Sitharaman said.
The combined deficit was 6.4 per cent in FY18. This is a decade-low and the third-lowest on record since 1990s.
The Indian government is short of credibility at the moment, buffeted as it is with questions about the accuracy of its GDP estimates. Making sure that her sums add up should be Sitharaman’s priority
Despite a lower number than last year, the finance minister will have a daunting task to fuel economic growth that is slowing down.
Total receipts include Net Tax Revenue to Centre (Rs 71,637 crore), Non Tax Revenue (Rs 23,293 crore) and other receipts (Rs 2,701 crore).
Also, the sub-6 per cent figure was a touch-and-go, and may overshoot to 6.2 per cent in FY19.
Randeep Surjewala cited a media report that claimed that the Centre plans to borrow Rs 4.41 lakh crore in the first half of the financial year 2019-2020 amid rising demands for repayments.
However, he did not specify how much loan the government would be using.
According to Nikhil Gupta, lead economist and the author of the report, slower growth in receipts vis-à-vis spending during 9MFY19 led to higher fiscal deficit during the period.
Interim Finance Minister Piyush Goyal had revised fiscal deficit target for this fiscal from the budgeted 3.3 per cent to 3.4 per cent.
Economic Affairs Secretary Subhash Chandra Garg was confident that the fiscal year will end with a deficit lower than the predicted estimate of 3.4 percent.