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India’s Mid-Year Fiscal Deficit Reaches 36.5% of FY26 Target

The share is higher than a year ago, signaling faster spending relative to revenue growth.

Overview

  • Controller General of Accounts data show a Rs 5.73 lakh crore deficit for April–September, equal to 36.5% of the full-year goal.
  • The mid-year share compares with 29.4% in the same period last year, indicating a wider gap at this point in the fiscal year.
  • Net tax receipts declined to 12.3 trillion rupees from 12.7 trillion a year earlier as non-tax revenue increased to 4.7 trillion rupees from 3.6 trillion.
  • Total expenditure rose to 23 trillion rupees from 21.1 trillion, with capital outlays jumping to 5.8 trillion rupees from 4.1 trillion.
  • The FY26 fiscal deficit target is Rs 15.69 lakh crore, pegged at 4.4% of GDP.