India closed the fiscal year ended March 31, 2026, with a budget shortfall equal to 4.4% of gross domestic product, according to published figures. The deficit reached 15.19 trillion rupees ($159.91 billion), which represents 97.5% of the government's revised estimate announced in February.
For the month of April, the fiscal deficit measured 21.4% of the budgeted target for the full year ending March 2027, reflecting the pace of outturn relative to the next fiscal year's planned ceiling.
Key fiscal aggregates for 2025/26
- Net tax receipts: 33 trillion rupees ($347.40 billion), up from 30.87 trillion rupees in the prior year.
- Non-tax revenue: 6.8 trillion rupees, compared with 5.31 trillion rupees a year earlier.
- Total government expenditure: 49 trillion rupees, versus 47.16 trillion rupees the previous year.
- Capital expenditure: 10.7 trillion rupees, against 10.18 trillion rupees a year ago.
The data set also includes the exchange rate used for dollar conversions: $1 = 94.9900 Indian rupees.
These figures show both sides of the public finances expanding in 2025/26. Receipts from net taxes and non-tax sources increased compared with the prior year, while government spending rose across total outlays and capital investment in physical infrastructure.
Summary
The government recorded a fiscal deficit of 4.4% of GDP for the year ended March 31, 2026, amounting to 15.19 trillion rupees. This outcome aligns with the revised estimate put forward in February, with the realized deficit equaling 97.5% of that estimate. Revenue lines - both net tax and non-tax - climbed year-on-year, and spending increased for total and capital outlays. The April fiscal position represented 21.4% of the budgeted target for the year ending March 2027.