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Informist, Friday, Feb. 27, 2026

 

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--Govt Apr-Jan fiscal deficit 63% of revised FY26 target of INR 15.585 tln
--Govt Apr-Jan fiscal deficit INR 9.814 tln vs INR 11.695 tln year ago
--Govt Apr-Jan total expenditure INR 36.901 tln vs INR 35.700 tln year ago
--Govt Apr-Jan capital expenditure INR 8.423 tln vs INR 7.574 tln year ago
--Govt Apr-Jan total receipts INR 27.087 tln vs INR 24.004 tln year ago
--Govt Apr-Jan non-tax revenue INR 5.573 tln vs INR 4.676 tln year ago
--Govt Jan fiscal deficit INR 1.256 tln vs INR 2.555 tln deficit year ago
--Govt Jan total expenditure INR 3.091 tln vs INR 3.379 tln year ago
--Govt Jan capital expenditure INR 543.46 bln vs INR 720 bln year ago
--Govt Jan total receipts INR 1.835 tln vs INR 824 bln year ago
--Govt Jan non-tax revenue INR 174.52 bln vs INR 200 bln year ago

 

NEW DELHI – The Indian government's fiscal deficit fell 16.1% on year to INR 9.814 trillion in the first 10 months of the current financial year ending March, data released by the Controller General of Accounts on Friday showed. The fiscal deficit during Apr-Jan accounted for 63.0% of the revised Budget estimate of INR 15.585 trillion for 2025-26 (Apr-Mar), lower than 74.5% in the same period last year. The revised estimate for the fiscal deficit in FY26 is INR 104 billion lower than the Budget estimate of INR 15.689 trillion. 

 

The government has set a fiscal deficit target of 4.4% of GDP for FY26, down from 4.8% of GDP in FY25. Finance Minister Nirmala Sitharaman set a fiscal deficit target of 4.3% for FY27 in the Union Budget, presented on Feb. 1. As per GDP data released by the statistics ministry Friday, the revised estimate for fiscal deficit in FY26 is 10 basis points higher than the Budget projection at 4.5% of GDP due to a lower estimate of nominal GDP in absolute terms. 

 

In January, the government's fiscal deficit was INR 1.256 trillion, 50.8% lower than INR 2.554 trillion a year ago. The sharply lower fiscal deficit in January was due to a steep increase in the government's tax revenue and a decline in expenditure.

 

In January, total receipts more than doubled on year to INR 1.835 trillion, led by a 156.1% rise in net tax revenue. Within tax revenue, corporate tax collection rocketed 180.8% on year to INR 291.88 billion.

Total expenditure declined by 8.5% to INR 3.091 trillion in January due to lower capital expenditure. The government's capital expenditure in January fell 24.5% on year to INR 543.46 billion.

 

For the first 10 months of the year, total receipts were up 12.8% at INR 27.087 trillion, with net tax revenue rising 10% to INR 20.942 trillion. The government's total expenditure in Apr-Jan rose 3.4% on year to INR 36.901 trillion, while capital expenditure increased 11.2% on year at INR 8.423 trillion. As of the end of January, the government has met 76.9% of its revised capital expenditure target of INR 10.958 trillion for FY26. 

 

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

  

	Jan-26	Dec-25	Jan-25	Year-on-year change in %
Revenue receipts	1,724.16	5,687.97	804.78	114.2
Net tax revenue	1,549.64	5,453.08	605.05	156.1
Non-tax revenue	174.52	234.89	199.73	(-)12.6
Other receipts	93.38	41.04	0.25	37,252.0
Total receipts	1,834.98	5,759.17	824.07	122.7
Interest payments	772.43	1652.94	671.48	15.0
Revenue expenditure	2,547.17	3,253.63	2658.38	(-)4.2
Capital expenditure	543.46	1,297.25	720.22	(-)24.5
Total expenditure	3,090.63	4,550.88	3378.60	(-)8.5
Fiscal deficit	1,255.65	(-)1208.29	2554.53	(-)50.8
Revenue deficit	823.01	(-)2434.34	1853.60	(-)55.6
Primary deficit	483.22	(-)2861.23	1883.05	(-)74.3

 

	Apr-Jan FY26	Apr-Jan FY25	Year-on-year % change	Budget estimates	% of actuals to Budget estimates
Revenue receipts	26,515.25	23,711.88	11.8	33,423.23	79.3	76.8
Net tax revenue	20,942.18	19,035.58	10.0	26,746.61	78.3	74.4
Non-tax revenue	5,573.07	4,676.3	19.2	6,676.62	83.5	88.1
Other receipts	371.59	90.19	312.0	338.37	89.2	49.5
Total receipts	27,086.54	24,004.12	12.8	49,648.42	79.5	76.3
Interest payments	9,883.02	8,754.61	12.9	12,743.38	77.6	76.9
Revenue expenditure	28,477.8	28,125.95	1.3	38,690.87	73.6	76.1
Capital expenditure	8,422.81	7,573.59	11.2	10,957.55	76.9	74.4
Total expenditure	36,900.61	35,699.54	3.4	49,648.42	74.3	75.7
Fiscal deficit	9,814.07	11,695.42	(-)16.1	15,584.92	63	74.5
Revenue deficit	1,962.55	4,414.07	(-)55.5	5,267.64	37.3	72.4
Primary deficit	(-)68.95	2,940.81	-	2,841.54	(-)2.4	68.1

 

End

 

Reported by Priyasmita Dutta

Edited by Saji George Titus

 

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