The Government of India has released data on its receipts and expenditure position up to February 2026, indicating steady fiscal progress relative to Revised Estimates (RE) for FY 2025–26.
| Total Receipts | ₹27,91,943 crore (82.0% of RE 2025–26) |
|---|---|
| Composition of Receipts: | |
| Tax Revenue (Net to Centre) | ₹21,45,223 crore |
| Non-Tax Revenue | ₹5,81,173 crore |
| Non-Debt Capital Receipts | ₹65,547 crore |
| Devolution to States: | |
| Devolution to States | ₹12,66,369 crore transferred to States |
| Increase in Devolution | ₹85,837 crore higher than previous year |
| Fiscal Implication (Devolution) | Reflects stronger fiscal federalism and enhanced resource sharing with States |
| Composition of Expenditure: | |
| Total Expenditure | ₹40,44,592 crore (81.5% of RE 2025–26) |
| Revenue Expenditure | ₹31,15,270 crore |
| Interest Payments | ₹10,65,305 crore (major component of revenue expenditure) |
| Major Subsidies | ₹3,89,610 crore |
| Capital Expenditure | ₹9,29,322 crore |
| Significance of Capex | Indicates government investment in infrastructure and asset creation |
Key Insights
- Strong Revenue Mobilization: Over 82% of annual receipt target achieved by February indicates stable tax and non-tax collections.
- High Interest Burden: Interest payments form a significant share of revenue expenditure, highlighting fiscal pressure.
- Focus on Capital Spending: Substantial capital expenditure reflects continued push for infrastructure-led growth.
- Enhanced Fiscal Federalism: Higher tax devolution supports State finances and cooperative federalism.