India recorded a Government Budget deficit equal to 4.80 percent of the country's Gross Domestic Product in 2024. This dataset provides - India Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2024, the budget balance in relation to the gross domestic product (GDP) in India was estimated at about -7.38 percent. Between 1988 and 2024, the figure dropped by approximately 0.37 percentage points, though the decline followed an uneven course rather than a steady trajectory. From 2024 to 2030, the budget balance will rise by around 0.73 percentage points, showing an overall upward trend with periodic ups and downs.The indicator describes the general government net lending / borrowing, which is calculated as revenue minus total expenditure. The International Monetary Fund defines the general government expenditure as consisting of total expenses and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.

Key information about India Consolidated Fiscal Balance: % of GDP

• India Consolidated Fiscal Balance recorded a deficit equal to 4.9 % of its Nominal GDP in Dec 2024, compared with a deficit equal to 4.5 % in the previous quarter
• India Consolidated Fiscal Balance to GDP data is updated quarterly, available from Mar 2005 to Dec 2024, with an average ratio of -4.5 %
• The data reached an all-time high of -1.9 % in Jun 2008 and a record low of -9.2 % in Mar 2021

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from monthly Consolidated Fiscal Balance and quarterly Nominal GDP. The Controller General of Accounts provides Consolidated Fiscal Balance in local currency. Ministry of Statistics and Programme Implementation provides Nominal GDP in local currency based on SNA 2008, at 2011-2012 prices. Consolidated Fiscal Balance covers Central Government only. Nominal GDP prior to Q1 2012 is based on a combination of SNA 2008 and SNA 1993, at 2004-2005 prices.


Further information about India Consolidated Fiscal Balance: % of GDP

• In the latest reports, India National Government Debt reached 2,144.6 USD bn in Sep 2024
• India Nominal GDP reached 873.7 USD bn in Mar 2023

India recorded a government budget deficit of 468420 INR Tens of Million in July of 2025. This dataset provides the latest reported value for - India Government Budget Value - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In the financial year 2026, the estimated gross fiscal deficit in India was expected to be *** percent of the GDP. This would be a decrease from the previous year's deficit in the country. What is fiscal deficit? The fiscal deficit of the government is the difference between the total expenditure incurred and the total non-debt capital receipts of the government. It indicates the total borrowing requirements of the government. Impact from the pandemic Due to concerns over gradually slowing economic growth, the government increased its fiscal spending in early 2019. With the onset of the coronavirus (COVID-19) and consequent lockdown, the unprecedented financial stimulus package led to the worsening of the gross fiscal deficit. This further stressed the tax revenue system across the country. A major impact of the pandemic was the projection of negative quarterly growth of GDP in June 2020 across India.

India Union Budget: BE: Fiscal Deficit data was reported at 15,689,360.000 INR mn in 2026. This records a decrease from the previous number of 16,133,120.000 INR mn for 2025. India Union Budget: BE: Fiscal Deficit data is updated yearly, averaging 5,223,835.000 INR mn from Mar 2001 (Median) to 2026, with 26 observations. The data reached an all-time high of 17,868,160.000 INR mn in 2024 and a record low of 1,112,750.000 INR mn in 2001. India Union Budget: BE: Fiscal Deficit data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under India Premium Database’s Government and Public Finance – Table IN.FB002: Union Budget: At A Glance: Budget Estimates.

The dataset contains All India Yearly Central Government Deficit Indicators from Handbook of Statistics on Indian Economy.

Note: 1. Data for 2023-24 are Revised Estimates and data for 2024-25 are Budget Estimates. 2. Primary Revenue Deficit is Revenue Deficit net of interest payments. 3. Drawdown of cash balances represents conventional budget deficit prior to 1997-98. With discontinuation of the ad hoc treasury bills and 91-day tap treasury bills, the concept of conventional budget deficit has lost its relevance since April 1,1997. 4. Net RBI Credit represents variation over end-March, as per RBI records, after closure of Government accounts. 5. Negative (-) sign indicates surplus. 6. Since 1999-2000, Gross Fiscal Deficit excludes States’ share in Small Savings as per the new system of accounting.

India State Government : Gross Fiscal Deficit data was reported at 10,391,381.307 INR mn in 2025. This records an increase from the previous number of 10,368,187.921 INR mn for 2024. India State Government : Gross Fiscal Deficit data is updated yearly, averaging 434,740.000 INR mn from Mar 1971 (Median) to 2025, with 55 observations. The data reached an all-time high of 10,391,381.307 INR mn in 2025 and a record low of 9,010.000 INR mn in 1971. India State Government : Gross Fiscal Deficit data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under Global Database’s India – Table IN.FC001: State Government: Receipts and Disbursements.

For the financial year 2022, according to the budget estimate, the fiscal deficit for states as a percent of GDP was *** percent. However, to overcome the crises caused by the COVID-19 pandemic, an economic package to the tune of ** billion U.S. dollars was sanctioned. This led to a rise of ** basis points. Thereby speculations rose related to an increase in the fiscal deficit, similar to what occurred during the 2008 financial crises.

The table shows the figures of gross fiscal deficit for the different states in Rs. Billion from 1980-81 to 2016-17(B.E.)

India GO: Gross Fiscal Deficit data was reported at 10,997,972.961 INR mn in 2019. This records a decrease from the previous number of 11,004,254.682 INR mn for 2018. India GO: Gross Fiscal Deficit data is updated yearly, averaging 1,848,260.000 INR mn from Mar 1981 (Median) to 2019, with 39 observations. The data reached an all-time high of 11,004,254.682 INR mn in 2018 and a record low of 106,080.000 INR mn in 1982. India GO: Gross Fiscal Deficit data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under Global Database’s India – Table IN.FA011: General Government Finance. 2018 – Budget estimate 2017 – Revised estimate

In fiscal year 2025, the ratio of revenue deficit to GDP in India was estimated to be around two percent, down from *** percent in fiscal year 2022. The ratio was estimated to remain stable in 2024.

In fiscal year 2026, the primary deficit as a share of GDP in India was projected to be almost *** percent. This figure stood at *** percent in fiscal year 2021. Primary deficit indicates a government's borrowing requirements, excluding interest.

Fiscal Deficits of the Centre, States, Centre and States combined and as percentages of respective GDPs from 1990-91 to 2017-18

In financial year 2021, due to the impact of COVID-19 on the national economy and extra public expenditure on healthcare and various social programs, the fiscal deficit rose to *** percent. The revenue deficit was at *** percent, effective revenue deficit at *** percent, and primary deficit rose to *** percent of India's gross domestic product (GDP). Fiscal deficit is the difference between the total income of the government and its total expenditure, while the revenue deficit occurs when realized net income is less than the projected net income. Effective revenue deficit is the difference between revenue deficit and grants for creation of capital assets. Primary deficit indicates a government's borrowing requirements, excluding interest.

India Union Budget: Effective Revenue Deficit data was reported at 966,540.000 INR mn in 2026. This records a decrease from the previous number of 3,102,070.000 INR mn for 2025. India Union Budget: Effective Revenue Deficit data is updated yearly, averaging 2,571,660.000 INR mn from Mar 2011 (Median) to 2026, with 16 observations. The data reached an all-time high of 12,187,340.000 INR mn in 2021 and a record low of 966,540.000 INR mn in 2026. India Union Budget: Effective Revenue Deficit data remains active status in CEIC and is reported by Ministry of Finance. The data is categorized under India Premium Database’s Government and Public Finance – Table IN.FB001: Union Budget: At A Glance. 2025-2026 – Budget Estimates 2024-2025 – Revised Estimates 2023-2022 & Before – Actuals

The dataset contains All India Yearly State Government Deficit Indicators from Handbook of Statistics on Indian Economy.

Note: 1. Data for 2022-23 relate to Revised Estimates while 2023-24 are Budget Estimates. 2. Data from 2017-18 onwards pertains to all States and UTs with legislatures. 3. Negative (-) sign indicates surplus in deficit indicators. 4. Net RBI Credit refers to variation in loans and advances given to States by the RBI net of their incremental.deposits with the RBI, for the State Government having accounts with the RBI. This is an indicator of means of financing. 5. Overall deficit for the years 1982-83, 1983-84 and 1985-86 excludes medium-term loans given by the Centre to the States to clear overdrafts of Rupees 1743 Crore as on March 31, 1982; Rupees 400 Crore as on March 31, 1983 and Rupees 1628 Crore (for 17 States) as on January 28, 1985, respectively.

The dataset contains All India Yearly State Government Gross Fiscal Deficits from Handbook of Statistics on Indian Economy.

Note: 1. Data for 2022-23 relate to Revised Estimates while 2023-24 are Budget Estimates. 2. Data from 2017-18 onwards pertains to all the States and UTs with legislatures. 3. Data relate to 29 State Governments. 4. Receipts include revenue receipts and non-debt capital receipts other than recoveries. 5. Expenditure includes revenue expenditure, capital outlay and loans and advances, net of recoveries. 6. All figures of Financing of Gross Fiscal Deficit are on a net basis. 7. With the change in the system of accounting with effect from 1999-2000, States’ share in small savings which was included earlier under loans from the Centre is shown separately as special securities issued to National Small Savings Fund (NSSF) under internal debt 8. Others consist of State Provident Fund, loans from financial institutions, reserve funds, deposits and advances, etc. 9. Receipts include revenue receipts and miscellaneous capital receipts. 10. Expenditure includes revenue expenditure, capital outlay, and loans and advance of net recoveries.

In fiscal year 2025, the current account balance to GDP ratio in India was negative or running a deficit of *** percent. The current account balance to GDP ratio was positive in fiscal year 2021, valuing to nearly *** percent.

The table provides the segregation of the gross fiscal deficit into its different components for the different states into revenue deficit, capital outlay, net lending, NDCR and GFD from 1980-81 to 2009-10 (B.E.)