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Informist, Friday, Oct. 30, 2026

 

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--Govt Apr-Sept fiscal deficit 42.1% of FY27 Budget target of INR 16.958 tln
--Govt Apr-Sept fiscal deficit INR 7.144 tln vs INR 5.731 tln year ago
--Govt Apr-Sept total expenditure INR 25.498 tln vs INR 23.033 tln year ago
--Govt Apr-Sept capital expenditure INR 6.545 tln vs INR 5.807 tln year ago
--Govt Apr-Sept total receipts INR 18.354 tln vs INR 17.302 tln year ago
--Govt Apr-Sept non-tax revenue INR 4.807 tln vs INR 4.661 tln year ago
--Govt Apr-Sept gross tax revenue INR 19.799 tln vs INR 18.654 tln year ago
--Govt: Apr-Sept state tax devolution INR 6.994 tln vs INR 6.318 tln yr ago
--Govt Sept fiscal deficit INR 41.64 bln vs INR 250.30 bln surplus year ago
--Govt Sept total expenditure INR 4.719 tln vs INR 4.225 tln year ago
--Govt Sept capital expenditure INR 1.446 tln vs INR 1.492 tln year ago
--Govt Sept total receipts INR 4.677 tln vs INR 4.475 tln year ago
--Govt Sept non-tax revenue INR 261.83 bln vs INR 257.44 bln year ago
--Govt Sept gross tax revenue INR 5.480 tln vs INR 5.214 tln year ago

 

NEW DELHI – The government's fiscal deficit rose 24.7% on year to INR 7.144 trillion in the first six months of the current financial year, data released by the Controller General of Accounts Friday showed. The fiscal deficit during Apr-Sept was 42.1% of the Budget estimate of INR 16.958 trillion for the whole year, up from 36.5% in the same period last year.

 

The Budget has pegged the fiscal deficit for 2026-27 (Apr-Mar) at 4.3% of GDP, or INR 16.96 trillion. The fiscal deficit target for FY27 will, however, be 4.5% of GDP, based on the downward revision in India's nominal GDP in the new series with FY23 as the base year.

 

The government's total expenditure rose 10.7% to INR 25.498 trillion during Apr-Sept, while total receipts increased 6.1% to INR 18.354 trillion. Capital expenditure rose 12.7% on year to INR 6.545 trillion in the first six months of FY27. The government has met 53.6% of its capital expenditure target for FY27.

 

Net tax revenues for Apr-Sept were INR 12.761 trillion, up 3.8% on year. The government's gross tax collections in Apr-Sept were up 6.1% to INR 19.799 trillion. Tax devolution to states increased 10.7% to INR 6.994 trillion during Apr-Sept. Non-tax revenues increased 3.1% to INR 4.807 trillion, primarily due to the Reserve Bank of India's surplus transfer of INR 2.87 trillion in May.

 

Within receipts, miscellaneous capital receipts during the first half of FY27 surged 165% to INR 621.59 billion, primarily on account of the government's thrust on disinvestment and asset monetisation this year. 

 

In September, the fiscal deficit was INR 41.64 billion as compared to a fiscal surplus of INR 250 billion last year. This was because the government's total expenditure rose 11.7% on year to INR 4.719 trillion last month, while total receipts rose 4.5% to INR 4.677 trillion. Notably, revenue expenditure jumped sharply in September, rising almost 20% to INR 3.273 trillion. Thankfully, capital expenditure fell slightly, limiting the overall rise in expenditure. 

 

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

 

	Sep-26	Aug-26	Sep-25	Year-on-year % change
Revenue receipts	4,643.5	248.97	4,447.07	4.4
Net tax revenue	4,381.67	-66.39	4,189.63	4.6
Non-tax revenue	261.83	257.44	257.44	1.7
Recovery of loans	33.52	15.36	28	19.7
Other receipts	0.11	345.67	0.00	--
Total receipts	4,677.13	610	4,475.07	4.5
Revenue expenditure	3,272.79	2,567.91	2733.10	19.7
Capital expenditure	1,445.98	593.14	1,491.67	(-)3.1
Total expenditure	4,718.77	3,161.05	4,224.77	11.7
Fiscal deficit	41.64	2,551.05	(-)250.30	--
Revenue deficit	(-)1,370.71	2,318.94	(-)1,713.97	--

 

	Apr-Sept 2026	Apr-Sept 2025	Year-on-year % change	Budget estimates	% of actuals to Budget estimates
					FY27	FY26
Revenue receipts	17,568.2	16,954.46	3.6	355,331.50	49.7	49.6
Net tax revenue	12,760.88	12,293.70	3.8	28,669.22	44.5	43.3
Non-tax revenue	4,807.32	4,660.76	3.1	6,662.28	72.2	79.9
Recovery of loans	164.43	113.53	44.8	383.97	42.8	39.1
Other receipts	621.59	234.17	165.4	800.00	77.7	49.8
Total receipts	18,354.22	17,302.16	6.1	36,515.47	50.3	49.5
Revenue expenditure	18,952.88	17,225.93	10.0	41,254.94	45.9	43.7
Capital expenditure	6,545.47	5,807.46	12.7	12,218.21	53.6	51.8
Total expenditure	25,498.35	23,033.39	10.7	53,473.15	47.7	36.5
Fiscal deficit	7,144.13	5,731.23	24.7	16,957.68	42.1	36.5
Revenue deficit	1,384.68	271.47	410.1	5,923.44	23.4	5.2

 

End

 

Reported by Priyasmita Dutta

Edited by Shubhayan Bhattacharya

 

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