Overview

• The government logged a ₹4.51 lakh crore shortfall in April–June, equal to 17.9% of its FY26 borrowing ceiling.
• Capital expenditure jumped 52% year-on-year to ₹2.75 lakh crore, or 24.5% of the annual plan.
• Revenue outlays rose 20% to ₹9.47 lakh crore as subsidy and program spending accelerated.
• Net tax collections lagged at 19% of budget estimates, down from 21.3% in Q1 of the previous year.
• Non-tax receipts surged on a record ₹2.69 lakh crore dividend from the RBI, helping contain the wider gap.