Data Alert
India FY25 fiscal deficit 4.8% of GDP, in line with Budget aim
This story was originally published at 20:04 IST on 30 May 2025
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--Govt: FY25 state tax devolution INR 12.869 tln vs INR 12.87 tln revised aim
--Govt FY25 gross tax revenue INR 37.952 tln vs INR 38.535 tln revised aim
--Govt FY25 non-tax revenue INR 5.375 tln vs INR 5.310 tln revised target
--Govt FY25 revenue expenditure INR 36.035 tln vs INR 36.981 tln revised aim
--Govt FY25 capex INR 10.520 tln vs INR 10.184 tln revised target
--Govt FY25 total receipts INR 30.782 tln vs INR 31.470 tln revised target
--Govt FY25 total expenditure INR 46.555 tln vs INR 47.165 tln revised aim
--Govt FY25 fiscal deficit INR 15.773 tln vs revised target of INR 15.695 tln
--Govt FY25 fiscal deficit 4.8% of GDP vs revised target of 4.8%
--Govt FY25 fiscal deficit 100.5% of revised target of INR 15.695 tln
NEW DELHI – India's fiscal deficit fell to 4.8% of GDP in 2024-25 (Apr-Mar) from 5.6% the previous year, data released Friday by the Controller General of Accounts showed. The fiscal deficit was in line with the revised target of 4.8% of GDP in the Budget for FY26.
In absolute terms, the government's fiscal deficit in FY25 was INR 15.773 trillion, accounting for 100.5% of the revised target of INR 15.695 trillion, data showed.
Total receipts jumped 10.4% on year to INR 30.782 trillion in FY25 but were lower than the revised estimate of INR 31.470 trillion. The total expenditure of INR 46.555 trillion in FY25 was lower than the revised estimate of INR 47.165 trillion.
The government's capital expenditure during the year was INR 10.520 trillion, 3.3% higher than the revised target of INR 10.184 trillion.
The government's gross tax mop-up rose 9.5% on year to INR 37.952 trillion in FY25, but fell short of the revised target of INR 38.535 trillion for the year.
For March, the government's fiscal deficit was INR 2.304 trillion, up 51.3% from a year ago. Capital expenditure during the month was at a record high of INR 2.401 trillion. Total receipts fell 2.0% on year to INR 5.319 trillion in March.
Following are the details of the government's accounts for March and FY25, as announced by the Controller General of Accounts (in INR billion):
| Mar-25 | Feb-25 | Mar-24 | Year-on-year % change | |
| Revenue receipts | 5,274.76 | 1,377.65 | 5,192.54 | 1.6 |
| Net tax revenue | 4,832.51 | 1,120.76 | 4,777.99 | 1.1 |
| Non-tax revenue | 442.25 | 256.89 | 414.55 | 6.7 |
| Recovery of loans | 29.61 | 14.50 | 31.66 | (-)6.5 |
| Other receipts | 14.93 | 66.90 | 204.62 | (-)92.7 |
| Total receipts | 5,319.30 | 1,459.05 | 5,428.82 | (-)2.0 |
| Revenue expenditure | 5,222.28 | 2,686.87 | 5,525.78 | (-)5.5 |
| Capital expenditure | 2,401.20 | 545.28 | 1,435.82 | 67.2 |
| Total expenditure | 7,623.48 | 3,232.15 | 6961.60 | 9.5 |
| Fiscal deficit | 2,304.18 | 1,773.10 | 1,522.78 | 51.3 |
| Revenue deficit | (-)52.48 | 1,309.22 | 333.24 | -- |
| FY25 | FY24 | % change Year-on-year | Revised estimates | % of actuals to revised estimates | ||
| FY25 | FY24 | |||||
| Revenue receipts | 30,364.29 | 27,290.36 | 11.3 | 30,879.60 | 98.30 | 101.10 |
| Net tax revenue | 24,988.85 | 23,272.51 | 7.4 | 25569.6 | 97.70 | 100.10 |
| Non-tax revenue | 5,375.44 | 4,017.85 | 33.8 | 5310 | 101.20 | 106.90 |
| Recovery of loans | 246.16 | 266.46 | (-)7.6 | 260 | 94.70 | 102.50 |
| Other receipts | 172.02 | 331.22 | (-)48.1 | 330 | 52.10 | 110.40 |
| Total receipts | 30,782.47 | 27,888.04 | 10.4 | 31,469.60 | 97.80 | 101.20 |
| Revenue expenditure | 36,035.10 | 34,942.52 | 3.1 | 36980.58 | 97.40 | 98.70 |
| Capital expenditure | 10,520.07 | 9,491.95 | 10.8 | 10184.29 | 103.30 | 99.90 |
| Total expenditure | 46,555.17 | 44,434.47 | 4.8 | 47164.87 | 98.70 | 99.00 |
| Fiscal deficit | 15,772.70 | 16,546.43 | (-)4.7 | 15695.27 | 100.50 | 95.40 |
| Revenue deficit | 5,670.81 | 7,652.16 | (-)25.9 | 6100.98 | 92.90 | 91.00 |
End
Reported by Krity Ambey and Shubham Rana
Edited by Saji George Titus
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