New Delhi: The central government’s fiscal deficit reached Rs 9.76 lakh crore by the end of November, representing 62.3 per cent of the 2025-26 budget target, up from 52.5 per cent during the same period last year, according to official data released on Wednesday. For the full fiscal year, the government has projected the deficit at 4.4 per cent of GDP, or Rs 15.69 lakh crore.
Data from the Controller and Auditor General of India (CAG) showed that the Centre received a total of Rs 19.49 lakh crore up to November, accounting for 55.7 per cent of the full-year budgeted receipts. Tax revenue net to the Centre stood at Rs 13.94 lakh crore, while non-tax revenue contributed Rs 5.16 lakh crore. Non-debt capital receipts added another Rs 38,927 crore.
During this period, Rs 9.36 lakh crore was transferred to state governments as their share of central taxes, a year-on-year increase of Rs 1.24 lakh crore.
Total expenditure by the Centre amounted to Rs 29.26 lakh crore, or 57.8 per cent of the budgeted estimate, including Rs 22.68 lakh crore in revenue expenditure and Rs 6.58 lakh crore in capital expenditure. Interest payments accounted for Rs 7.45 lakh crore, while major subsidies totaled Rs 2.88 lakh crore.
Commenting on the figures, Aditi Nayar, Chief Economist at Icra, noted that gross tax collections may fall short by around Rs 1.5 lakh crore compared to the budget estimates. However, she added that higher non-tax revenues and potential savings in revenue spending are expected to offset the shortfall, and no significant fiscal slippage is anticipated at this stage.
The data highlights continued government spending on revenue and capital priorities, alongside substantial transfers to states, underscoring the fiscal pressures and the need for careful monitoring of revenue flows and expenditure in the remaining months of the financial year.
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