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Informist, Wednesday, Dec. 31, 2025

 

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--Govt Apr-Nov fiscal deficit 62.3% of FY26 Budget target of INR 15.689 tln 
--Govt Apr-Nov fiscal deficit INR 9.767 tln vs INR 8.466 tln year ago 
--Govt Apr-Nov total expenditure INR 29.259 tln vs INR 27.410 tln year ago 
--Govt Apr-Nov total receipts INR 19.492 tln vs INR 18.944 tln year ago 
--Govt Apr-Nov capital expenditure INR 6.582 tln vs INR 5.135 tln year ago 
--Govt Apr-Nov non-tax revenue INR 5.164 tln vs INR 4.270 tln year ago 
--Govt Apr-Nov gross tax revenue INR 23.364 tln vs INR 22.610 tln year ago 
--Govt: Apr-Nov state tax devolution INR 9.366 tln vs INR 8.121 tln year ago 
--Govt Nov fiscal deficit INR 1.515 tln vs INR 958 bln deficit year ago 
--Govt Nov total expenditure INR 3.003 tln vs INR 2.671 tln year ago 
--Govt Nov total receipts INR 1.488 tln vs INR 1.713 tln year ago 
--Govt Nov capital expenditure INR 405 bln vs INR 470 bln year ago 
--Govt Nov non-tax revenue INR 273 bln vs INR 277 bln year ago 
--Govt Nov gross tax revenue INR 2.220 tln vs INR 2.283 tln year ago

 

NEW DELHI – The Indian government's fiscal deficit rose 15.4% on year to INR 9.767 trillion in the first eight months of the current financial year, data released by the Controller General of Accounts on Wednesday showed. The fiscal deficit during Apr-Nov was 62.3% of the Budget estimate of INR 15.689 trillion for the whole year, up from 52.5% in the same period last year.

 

The government has set a fiscal deficit target of 4.4% of GDP for FY26, down from 4.8% of GDP in FY25.

 

The government's total expenditure rose 6.7% to INR 29.259 trillion during Apr-Nov, while total receipts increased 2.9% at INR 19.492 trillion. Capital expenditure jumped 28.2% on year to INR 6.582 trillion in the first eight months of FY26. The government has met 58.7% of its capital expenditure target for FY26.

 

Net tax revenue for Apr-Nov was INR 13.939 trillion, down 3.4% year on year. The government's gross tax collections in Apr-Nov were up 3.3% at INR 23.364 trillion. Tax devolution to states increased 15.3% on year to INR 9.366 trillion during Apr-Nov. Non-tax revenue increased 20.9% to INR 5.164 trillion, primarily due to the Reserve Bank of India's record-high surplus transfer of INR 2.69 trillion in May.

 

In November, the fiscal deficit was INR 1.515 trillion, up 58.2% year over year. Total receipts in November were down 13.2% year over year to INR 1.488 trillion, while total expenditure increased 12.4% year over year to INR 3.003 trillion.

 

Capital expenditure fell year on year for the second consecutive month in November. It was down 13.8% on year to INR 405 billion in November. "Given the upfronting seen in H1 FY2026 (Apr-Sept), capex needs to contract by around 14% YoY during December-March FY2026 to remain within the FY2026 BE (Budget Estimate)," ICRA Chief Economist Aditi Nayar said. "However, we anticipate the GoI (government of India) to enhance the allocation for capex somewhat, limiting the contraction in the last four months of the fiscal," Nayar said in a note.

 

Nayar expects the government's tax collections to fall short of the Budget estimate. However, she said, the fall in tax collections is likely to be offset by higher-than-budgeted non-tax revenues and sizeable expenditure savings in revenue spending. "As a result, we do not anticipate a fiscal slippage at the current juncture."

 

The Controller General of Accounts detailed the government's accounts for November and Apr-Nov as follows (in INR billion):

 

	November 2025	October 2025	November 2024	Year-on-year change in %
Revenue receipts	1,469.32	679.34	1,661.88	(-)11.6%
Net tax revenue	1,196.45	449.31	1,384.62	(-)13.6%
Non-tax revenue	272.87	230.03	277.26	(-)1.6%
Recovery of loans	18.18	20.39	16.97	7.1%
Other receipts	0.14	2.86	34.49	(-)99.6%
Total receipts	1,487.64	702.59	1,713.34	(-)13.2%
Revenue expenditure	2,598.24	2,852.83	2,201.49	18.0%
Capital expenditure	404.67	369.97	469.55	(-)13.8%
Total expenditure	3,002.91	3,222.80	2,671.04	12.4%
Fiscal deficit	1,515.27	2,520.21	957.70	58.2%
Revenue deficit	1,128.92	2,173.49	539.61	109.2%

 

	Apr-Nov FY26	Apr-Nov FY25	Year-on-year % change	Budget estimates	% of actuals to Budget estimates
Revenue receipts	19,103.12	18,704.55	2.1%	34,204.09	55.9%	59.8%
Net tax revenue	13,939.46	14,434.35	(-)3.4%	28,374.09	49.1%	55.9%
Non-tax revenue	5,163.66	4,270.20	20.9%	5,830.00	88.6%	78.3%
Recovery of loans	152.1	149.72	1.6%	290	52.4%	53.5%
Other receipts	237.17	89.81	164.1%	470	50.5%	18.0%
Total receipts	19,492.39	18,944.08	2.9%	34,964.09	55.7%	59.1%
Revenue expenditure	22,677.00	22,275.02	1.8%	39,442.55	57.5%	60.1%
Capital expenditure	6,582.10	5,135.00	28.2%	11,210.90	58.7%	46.2%
Total expenditure	29,259.10	27,410.02	6.7%	50,653.45	57.8%	56.9%
Fiscal deficit	9,766.71	8,465.94	15.4%	15,689.36	62.3%	52.5%
Revenue deficit	3,573.88	3,570.47	0.1%	5,238.46	68.2%	61.5%

 

Source: Controller General of Accounts

 

End

 

Reported by Shubham Rana

Edited by Saji George Titus

 

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