Data Alert
India posts fisc surplus in May, Apr-May deficit INR 131.63 bln
This story was originally published at 17:32 IST on 30 June 2025
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--Govt Apr-May fiscal deficit 0.8% of FY26 Budget target of INR 15.689 tln
--Govt Apr-May fiscal deficit INR 131.63 bln vs INR 506 bln year ago
--Govt Apr-May total expenditure INR 7.46 tln vs INR 6.235 tln year ago
--Govt Apr-May total receipts INR 7.329 tln vs INR 5.728 tln year ago
--Govt Apr-May capital expenditure INR 2.214 tln vs INR 1.436 tln year ago
--Govt Apr-May non-tax revenue INR 3.569 tln vs INR 2.517 tln year ago
--Govt May fiscal surplus INR 1.732 tln vs INR 1.595 tln surplus year ago
--Govt May total expenditure INR 2.805 tln vs INR 2.000 tln year ago
--Govt May total receipts INR 4.537 tln vs INR 3.595 tln year ago
--Govt May capital expenditure INR 616 bln vs INR 444 bln year ago
--Govt May non-tax revenue INR 2.897 tln vs INR 2.244 tln year ago
--Govt May gross tax revenue INR 2.438 tln vs INR 2.046 tln year ago
NEW DELHI – Indian central government reported a fiscal surplus of INR 1.732 trillion in May after the Reserve Bank of India transferred a record high dividend of INR 2.69 trillion. For Apr-May, the government's fiscal deficit was INR 131.63 billion, down 74% on year.
At INR 131.63 billion, the fiscal deficit for Apr-May was 0.8% of the Budget estimate for 2025-26 (Apr-Mar). In Apr-May 2024, the fiscal gap was 3.1% of the target for FY25.
The Centre's total receipts jumped 28% to INR 7.329 trillion in Apr-May, while total expenditure rose 19.7% to INR 7.461 trillion. The government's capital expenditure grew 54% to INR 2.214 trillion during the period.
Net tax revenue surged 10% in Apr-May to INR 3.509 trillon, and non-tax revenue galloped 41.8% to INR 3.569 trillion. The government's revenue receipts were INR 7.077 trillion in the first two months of the fiscal year, up 24% on year.
In May, the total expenditure was INR 2.805 trillion, up 40.3%, and total receipts were INR 4.537 trillion, 26.2% higher from the corresponding period a year ago. The government's capital spending in May rose 38.7% to INR 615.64 billion.
The government had posted fiscal surplus in May 2024 as well, on account of the then record-high dividend transfer from the RBI. The surplus transfer from the RBI took the government's non-tax revenue to INR 2.897 trillion in May, up 29.1% on year.
Given the buffers on the receipts side, ICRA Ltd. believes that the government could push up capital expenditure by INR 800 billion in FY26 relative to the Budget estiomate of INR 11.211 trillion, the agency said in a note, quoting its Chief Economist Aditi Nayar.
The Controller General of Accounts detailed the government's accounts for May and Apr-May as follows (in INR billion):
| May-25 | Apr-25 | May-24 | Year-on-year % change | |
| Revenue receipts | 4,509.10 | 2,568.29 | 3,584.65 | 25.79 |
| Net tax revenue | 1,611.93 | 1,896.69 | 1,340.38 | 20.26 |
| Non-tax revenue | 2,897.17 | 671.60 | 2,244.27 | 29.09 |
| Recovery of loans | 15.58 | 10.48 | 10.42 | 49.52 |
| Other receipts | 12.07 | 214.11 | 0.04 | 30075 |
| Total receipts | 4,536.75 | 2,792.88 | 3,595.11 | 26.19 |
| Revenue expenditure | 2,189.42 | 3,058.30 | 1,556.00 | 40.71 |
| Capital expenditure | 615.64 | 1,597.90 | 443.90 | 38.69 |
| Total expenditure | 2,805.06 | 4,656.20 | 1,999.90 | 40.26 |
| Fiscal deficit | (-)1,731.69 | 1,863.32 | (-)1,595.21 | -- |
| Revenue deficit | (-)2,319.68 | 490.01 | (-)2028.65 | -- |
| Apr-May 2025 | Apr-May 2024 | % change Year-on-year | Budget estimates | % of actuals to Budget estimates | ||
| FY26 | FY25 | |||||
| Revenue receipts | 7,077.39 | 5,707.58 | 24.00 | 34,204.09 | 20.7 | 18.2 |
| Net tax revenue | 3,508.62 | 3,190.36 | 9.98 | 28,374.09 | 12.4 | 12.3 |
| Non-tax revenue | 3,568.77 | 2,517.22 | 41.77 | 5,830.00 | 61.2 | 46.1 |
| Recovery of loans | 26.06 | 20.83 | 25.11 | 290.00 | 9.0 | 7.4 |
| Other receipts | 226.18 | 0.04 | 565350 | 470.00 | 48.1 | 0.0 |
| Total receipts | 7,329.63 | 5,728.45 | 27.95 | 34,964.09 | 21.0 | 17.9 |
| Revenue expenditure | 5,247.72 | 4,798.35 | 9.37 | 39,442.55 | 13.3 | 12.9 |
| Capital expenditure | 2,213.54 | 1,436.25 | 54.12 | 11,210.90 | 19.7 | 12.9 |
| Total expenditure | 7,461.26 | 6,234.60 | 19.68 | 50,653.45 | 14.7 | 12.9 |
| Fiscal deficit | 131.63 | 506.15 | -73.99 | 15,689.36 | 0.8 | 3.1 |
| Revenue deficit | (-)1,829.67 | (-)909.23 | -- | 5,238.46 | (-)46 | (-)16.3 |
Source: Controller General of Accounts
End
Reported by Krity Ambey
Edited by Akul Nishant Akhoury
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