Government’s first-half fiscal deficit at 36.5% of full-year target: CGA data

Published on

November 1, 2025

Posted by

Om V Angaitkar

Categories:

English – Economy

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The Centre’s fiscal deficit at the end of the first half of FY2026 stood at 36. 5% of the full-year target, according to data released by the Controller General of Accounts (CGA) on Friday (October 31, 2025). The fiscal deficit in the first six months of the last financial year stood at 29% of the Budget Estimate (BE) for 2024-25.

In absolute terms, the fiscal deficit, or the difference between the government’s expenditure and revenue, stood at ₹5,73,123 crore in the April-September period of 2025-26. The Center estimates the fiscal deficit during 2025-26 to be 4. 4% of GDP or ₹15.

69 lakh crore. The government has received ₹17.

3 lakh crore or 49. 5% of the corresponding budget estimate 2025-26 of the total receipts till September.

The total receipts included ₹12. 29 lakh crore tax revenue (net to the Centre), ₹4. 66 lakh crore non-tax revenue and ₹34,770 crore non-debt capital receipts.

According to CGA data, more than ₹6. 31 crore has been transferred to state governments as transfer of share of taxes by the Central government during this period, which is ₹86,948 crore more than the previous year. The total expenditure incurred by the Central Government was approximately ₹23 lakh crore (45.

5% of the respective Budget Estimates 2025–26). Of the total expenditure, ₹17. 22 lakh crore was on the revenue account and ₹5.

8 lakh crore was on the capital account. CGA data shows that of the total revenue expenditure, ₹5. 78 lakh crore was due to interest payments and ₹2.

02 lakh crore was due to major subsidies. ICRA Chief Economist Aditi Nair said a 40% surge in capital expenditure widened the Indian government’s fiscal deficit to ₹5. 7 lakh crore during the first half of the fiscal year, or about 37% of BE, from ₹4.

7 lakh crore in the year-ago period. “For now, we expect expenditure to be able to absorb any shortfall in tax revenues over the typical trend of savings and budgeted non-tax revenues, and do not expect any material decline relative to the Government of India’s fiscal deficit target of 4. 4% of GDP for FY2026.

”.