India Fiscal Deficit Falls to $47.81bn

India Fiscal Deficit April‑July 2026‑27

India’s fiscal deficit for the April‑July 2026‑27 period was 4.55 trillion rupees, equivalent to about $47.81 billion, which represents 26.8 % of the full‑year target for the financial year ending 31 March 2027. This figure is lower than the 4.7 trillion rupees recorded for the same four‑month window in the previous year.

The government’s fiscal deficit target for FY 2027 is set at 4.3 % of GDP, corresponding to 16.96 trillion rupees.

Net tax receipts increased to 8.5 trillion rupees, up from 6.6 trillion rupees in the year‑earlier period. Non‑tax revenue rose to 4.2 trillion rupees, compared with 4.0 trillion rupees a year earlier.

Total government expenditure grew to 17.6 trillion rupees, versus 15.6 trillion rupees in the corresponding period last year. Capital expenditure, which covers spending on physical infrastructure projects, reached 4.5 trillion rupees, up from 3.5 trillion rupees in the same period a year earlier.