31.12.202511:15:47UTC+00India’s Fiscal Deficit Widens in April–November

India's fiscal deficit expanded to INR 9.77 trillion between April and November of the fiscal year 2025–26, increasing from INR 8.47 trillion in the same period the previous year. This marks 62.3% of the government's full-year target, compared to 52.5% during the corresponding months last year. Meanwhile, total receipts experienced a 2.9% year-on-year growth, totalling INR 19.49 trillion, which accounts for 55.7% of the annual target. Net tax revenues slightly decreased to INR 13.94 trillion from INR 14.4 trillion. In terms of expenditure, the total climbed by 6.7% to INR 29.26 trillion, reaching 57.8% of the yearly goal. Capital expenditure, which is predominantly directed towards infrastructure, surged to INR 6.6 trillion, achieving 58.7% of its annual target compared to INR 5.1 trillion in the previous year. The government aims to reduce the fiscal deficit to 4.4% of GDP, or INR 15.7 trillion, for the fiscal year 2025–26, down from 4.8% in 2024–25.