India’s Fiscal Deficit Narrows in April–December

2026-01-30 14:00 By Joana Ferreira 1 min. read

India’s fiscal deficit narrowed to INR 8.56 trillion in April–December 2025–26, down from INR 9.14 trillion a year earlier, reaching 54.5% of the government’s full-year target compared with 56.7% in the same period last year.

Total receipts rose 8.9% year-on-year to INR 25.25 trillion, or 72.2% of the annual target, with net tax revenues at INR 19.39 trillion versus INR 18.4 trillion a year ago.

Total expenditure increased 4.6% to INR 33.81 trillion, or 66.7% of the full-year target.

Capital spending, largely focused on infrastructure, jumped to INR 7.88 trillion, reaching 70.3% of its annual objective compared with INR 6.9 trillion previously.

The government aims to narrow the fiscal deficit to 4.4% of GDP, or INR 15.7 trillion, in FY2025–26, down from 4.8% in FY2024–25.



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India’s Fiscal Deficit Narrows in April–January
India’s fiscal deficit narrowed to INR 9.81 trillion in April–January 2025–26, down from INR 11.70 trillion a year earlier, reaching 63.0% of the government’s full-year target compared with 74.5% in the same period last year. Total receipts rose 12.8% year-on-year to INR 27.09 trillion, or 79.5% of the annual target, with net tax revenues at INR 20.94 trillion versus INR 19.0 trillion a year ago. Total expenditure increased 3.4% to INR 36.90 trillion, or 74.3% of the full-year target. Capital spending, largely focused on infrastructure, jumped to INR 8.42 trillion, reaching 76.9% of its annual objective compared with INR 7.6 trillion previously. The government aims to narrow the fiscal deficit to 4.4% of GDP, or INR 15.7 trillion, in FY2025–26, down from 4.8% in FY2024–25.
2026-02-27
India’s Fiscal Deficit Narrows in April–December
India’s fiscal deficit narrowed to INR 8.56 trillion in April–December 2025–26, down from INR 9.14 trillion a year earlier, reaching 54.5% of the government’s full-year target compared with 56.7% in the same period last year. Total receipts rose 8.9% year-on-year to INR 25.25 trillion, or 72.2% of the annual target, with net tax revenues at INR 19.39 trillion versus INR 18.4 trillion a year ago. Total expenditure increased 4.6% to INR 33.81 trillion, or 66.7% of the full-year target. Capital spending, largely focused on infrastructure, jumped to INR 7.88 trillion, reaching 70.3% of its annual objective compared with INR 6.9 trillion previously. The government aims to narrow the fiscal deficit to 4.4% of GDP, or INR 15.7 trillion, in FY2025–26, down from 4.8% in FY2024–25.
2026-01-30
India’s Fiscal Deficit Widens in April–November
India’s fiscal deficit widened to INR 9.77 trillion in April–November 2025–26, up from INR 8.47 trillion a year earlier, reaching 62.3% of the government’s full-year target compared with 52.5% in the same period last year. Total receipts rose 2.9% year-on-year to INR 19.49 trillion, or 55.7% of the annual target, with net tax revenues at INR 13.94 trillion versus INR 14.4 trillion a year ago. Total expenditure increased 6.7% to INR 29.26 trillion, or 57.8% of the full-year target. Capital spending, largely focused on infrastructure, jumped to INR 6.6 trillion, reaching 58.7% of its annual objective compared with INR 5.1 trillion previously. The government aims to narrow the fiscal deficit to 4.4% of GDP, or INR 15.7 trillion, in FY2025–26, down from 4.8% in FY2024–25.
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