The Government of India’s fiscal deficit for the period of April to January 2026 (FY 2025-26) stood at ₹9.81 lakh crore, which accounts for 63% of the full-year Revised Estimate (RE) target of ₹15.58 lakh crore. This reflects an improved fiscal position compared to the same period in the previous financial year, where the deficit had reached 74.5% of the annual target.
Key Financial Aggregates (Cumulative to January 2026)
The monthly accounts released by the Controller General of Accounts (CGA) highlight steady revenue mobilisation and front-loaded capital expenditure:
Union Government Finances – Snapshot (FY 2025–26)
1. Receipts
| Component | Amount (₹ crore) | Remarks |
| Total Receipts | 27,08,654 | 79.5% of Revised Estimates (RE) |
| Net Tax Revenue (Net to Centre) | 20,94,218 | Major component of receipts |
| Non-Tax Revenue | 5,57,307 | Includes dividends, interest receipts, etc. |
| Non-Debt Capital Receipts | 57,129 | 89.2% of annual target achieved |
2. Expenditure
| Component | Amount (₹ crore) | Remarks |
| Total Expenditure | 36,90,061 | 74.3% of RE |
| Revenue Expenditure | 28,47,780 | Includes interest & subsidies |
| – Interest Payments | 9,88,302 | Largest component of revenue expenditure |
| – Major Subsidies | 3,54,861 | Food, fertilizer, fuel, etc. |
| Capital Expenditure | 8,42,281 | 76.9% of RE; focus on infrastructure & asset creation |
3. Fiscal Federalism
| Component | Amount (₹ crore) | Remarks |
| Devolution to States | 11,39,767 | Increase of ₹65,588 crore over previous year |
Major Subsidy Outgo (upto January 2026)
The utilisation of subsidy allocations has been high in specific segments, notably fertilisers:
| Subsidy Type | Amount (₹ lakh crore) | % of Revised Estimates (RE) Utilised |
| Urea Subsidy | 1.25 | 99% |
| Nutrient-Based Fertiliser Subsidy | 0.58 | 96% |
| Food Subsidy | 1.63 | 71% |
| Petroleum Subsidy | 0.09 | 58% |
Fiscal Outlook for 2026
The government estimates the final fiscal deficit for the full year 2025-26 to be contained at 4.4% of GDP. With nearly 80% of annual receipts already realised by January, the revenue flows remain aligned with the fiscal consolidation roadmap. For the upcoming year (FY 2026-27), the target has been further lowered to 4.3% of GDP.