Data Alert
India Apr-Feb fiscal deficit rises to 85.8% of revised FY25 aim
This story was originally published at 16:58 IST on 28 March 2025
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--Govt Apr-Feb fiscal deficit 85.8% of revised FY25 target of INR 15.695 tln
--Govt Apr-Feb fiscal deficit INR 13.469 tln vs INR 15.014 tln year ago
--Govt Apr-Feb total expenditure INR 38.932 tln vs INR 37.473 tln year ago
--Govt Apr-Feb total receipts INR 25.463 tln vs INR 22.459 tln year ago
--Govt Apr-Feb capital expenditure INR 8.119 tln vs INR 8.056 tln year ago
--Govt Apr-Feb gross tax revenue INR 32.042 tln vs INR 28.899 tln year ago
--Govt: Apr-Feb states' tax devolution INR 11.805 tln vs INR 10.33 tln yr ago
--Govt Feb fiscal deficit INR 1.773 tln vs INR 3.988 tln year ago
--Govt Feb total expenditure INR 3.232 tln vs INR 3.926 tln year ago
--Govt Feb total receipts INR 1.459 tln vs (-)INR 62 bln year ago
--Govt Feb capital expenditure INR 545 bln vs INR 844 bln year ago
--Govt Feb gross tax revenue INR 2.199 tln vs INR 1.837 tln year ago
NEW DELHI – The Indian government's fiscal deficit for the first 11 months of 2024-25 (Apr-Mar) was INR 13.469 trillion, down 10.3% on year, data released Friday by the Controller General of Accounts showed. The fiscal deficit in Apr-Feb accounted for 85.8% of the revised target of INR 15.695 trillion for FY25, lower than the 86.5% seen in the first 11 months of FY24.
The government had lowered the absolute fiscal deficit target for the current financial year by INR 437.85 billion in the FY26 Budget presented on Feb. 1. The government is targetting a fiscal deficit of 4.8% of GDP for FY25. The fiscal deficit had accounted for 74.5% of the revised Budget target for FY25 in Apr-Jan.
Total expenditure rose 3.9% to INR 38.932 trillion in Apr-Feb, while receipts were up 13.4% to INR 25.463 trillion. Capital expenditure was up just 0.8% on year at INR 8.119 trillion in the first 11 months of FY25. More
The pace of capital expenditure, which had picked up over the last three months, slowed down in February. The government's capital expenditure fell 35.4% on year to INR 545.28 billion in February.
Of the revised capital expenditure target of INR 10.184 trillion for FY25, the government has met only 79.7% in Apr-Feb compared with 84.8% in the same period last year. The government would have had to spend INR 2.065 trillion in March--which would be a record high for a month--to meet the full year revised capital expenditure target.
The Centre's revenue receipts rose to INR 1.378 trillion in February from INR 804.78 billion in the previous month. Gross tax mop-up was up 19.7% on year at INR 2.199 trillion in February, taking the Apr-Feb collections to INR 32.042 trillion, which is 10.9% higher than a year ago.
Other receipts rose to INR 66.90 billion in February from INR 1.05 billion a year ago. Other receipts in Apr-Feb were INR 157.09 billion, making up 47.6% on the full year target of INR 330.00 billion.
The Controller General of Accounts detailed the government's accounts for February and Apr-Feb as follows (in INR billion):
| February | January | February | Year-on-year change | |
| 2025 | 2025 | 2024 | ||
| Revenue receipts | 1,377.65 | 804.78 | (-)81.27 | -- |
| Net tax revenue | 1,120.76 | 605.05 | (-)303.88 | -- |
| Non-tax revenue | 256.89 | 199.73 | 222.61 | 15.4% |
| Other receipts | 66.90 | 0.25 | 1.05 | 6,271.4% |
| Total receipts | 1,459.05 | 824.07 | (-)62.06 | -- |
| Revenue expenditure | 2,686.87 | 2,658.38 | 3,081.31 | (-)12.8% |
| Capital expenditure | 545.28 | 720.22 | 844.26 | (-)35.4% |
| Total expenditure | 3,232.15 | 3,378.60 | 3,925.57 | (-)17.7% |
| Fiscal deficit | 1,773.10 | 2,554.53 | 3,987.63 | (-)55.5% |
| Apr-Feb | Apr-Feb | Year-on-year change | Revised estimates | % of actuals to revised estimates | ||
| 2024-25 | 2023-24 | 2024-25 | 2023-24 | |||
| Revenue receipts | 25,089.53 | 22,097.82 | 13.5% | 30,879.60 | 81.2% | 81.9% |
| Net tax revenue | 20,156.34 | 18,494.52 | 9.0% | 25,569.60 | 78.8% | 79.6% |
| Non-tax revenue | 4,933.19 | 3,603.30 | 36.9% | 5,310.00 | 92.9% | 95.9% |
| Other receipts | 157.09 | 126.60 | 24.1% | 330.00 | 47.6% | 42.2% |
| Total receipts | 25,463.17 | 22,459.22 | 13.4% | 31.469.60 | 80.9% | 81.5% |
| Revenue expenditure | 30,812.82 | 29,416.74 | 4.7% | 36,980.58 | 83.3% | 83.1% |
| Capital expenditure | 8,118.87 | 8,056.13 | 0.8% | 10,184.29 | 79.7% | 84.8% |
| Total expenditure | 38,931.69 | 37,472.87 | 3.9% | 47,164.87 | 82.5% | 83.4% |
| Fiscal deficit | 13,468.52 | 15,013.65 | (-)10.3% | 15,695.27 | 85.8% | 86.5% |
End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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