India’s April-February fiscal deficit at Rs 12.53 lakh crore, narrows on-year to 80.4% of FY26 aim

India’s fiscal deficit for the first eleven months of this fiscal year through February stood at Rs 12.5 lakh crore (about $132 billion), or 80.4% of the annual estimate, government data showed on Monday.

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The deficit was lower than 85.8% reported in the comparable period a year earlier, indicating a moderation in the pace of fiscal slippage.

Total receipts up to February stood at Rs 27.92 lakh crore, while total expenditure was Rs 40.45 lakh crore. Receipts and expenditure amounted to 82.0% and 81.5% of the full-year revised estimates, respectively.

Revenue receipts amounted to Rs 27.26 lakh crore, with tax revenue at Rs 21.45 lakh crore and non-tax revenue at Rs 5.81 lakh crore. Tax revenue stood at 80.2% of the budgtarget, while non-tax revenue was higher at 87.0% of estimates.Non-tax revenue showed strength, supported by flows including transfers from the Reserve Bank of India, which have contributed to overall receipts and helped contain the fiscal gap.

Revenue expenditure for the period was Rs 31.15 lakh crore, accounting for 80.5% of the revised estimate. Capital expenditure stood at Rs 9.29 lakh crore, or 84.8% of the budgeted target, reflecting continued focus on infrastructure spending. Interest payments during the period were Rs 10.65 lakh crore.

Revenue deficit for April-February was Rs 3.89 lakh crore, or 73.8% of the full-year estimate, while the primary deficit stood at Rs 1.87 lakh crore, or 65.9% of budget estimates.

On the financing side, domestic financing remained the dominant source, with market borrowings accounting for the bulk of funding. Total financing for the deficit stood at Rs 12.53 lakh crore, in line with the fiscal gap.

Major subsidies during April-February totalled Rs 3.90 lakh crore, or 91% of the revised estimates. Food subsidy accounted for Rs 1.93 lakh crore, while fertiliser-related subsidies were near full-year targets. Petroleum subsidy spending remained lower at Rs 8,823 crore, at 58% of estimates.

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