Government data shows India’s April-January fiscal deficit at ₹9.81 lakh crore, 63% of FY26 target

Key facts

• India’s fiscal deficit for April-January stood at ₹9.81 lakh crore, 63% of the 2025-26 budget estimate.
• The deficit narrowed from 74.5% recorded in the same period of the previous year.
• Total receipts during April-January were ₹27.09 lakh crore, 79.5% of the budget target.
• Total expenditure for April-January was ₹36.90 lakh crore, 74.3% of the budget target.
• Tax revenue receipts were ₹20.94 lakh crore, 78.3% of the budget estimate.
• Non-tax revenue receipts were ₹5.57 lakh crore, 83.5% of the budget estimate.
• Reserve Bank of India (RBI) approved a dividend of ₹2.69 lakh crore to the central government, up from ₹2.11 lakh crore last year.
• Revenue deficit was ₹1.96 lakh crore, 37.3% of the fiscal year’s budget target.
• Finance Minister Nirmala Sitharaman set the fiscal deficit target for 2025-26 at 4.4% of GDP.
• The fiscal deficit target for 2026-27 was set at 4.3% of GDP.
• Expenditure on major subsidies (food, fertilisers, petroleum) was ₹3.55 lakh crore, 83% of the revised annual aim.