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 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 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.

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

This Dataset contains year and month-wise data on amount of Fiscal Deficit, Revenue Deficit and Primary Deficit

Note: 1. Fiscal Deficit = Total Expenditure - Total Receipts 2. Primary Deficit = Fiscal Deficit - Revenue Expenditure (Interest Payments) 3. Revenue Deficit = Revenue Expenditure -Revenue Receipts

India Govt Revenue Deficit: Annual data was reported at 4,437,780.000 INR mn in 2018. This records an increase from the previous number of 3,170,300.000 INR mn for 2017. India Govt Revenue Deficit: Annual data is updated yearly, averaging 1,068,630.000 INR mn from Mar 1998 (Median) to 2018, with 21 observations. The data reached an all-time high of 4,437,780.000 INR mn in 2018 and a record low of 464,480.000 INR mn in 1998. India Govt Revenue Deficit: Annual data remains active status in CEIC and is reported by Controller General of Accounts. The data is categorized under Global Database’s India – Table IN.FA001: Central Government Receipts and Expenditure: Controller General of Accounts (CGA).

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 PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Current Fiscal Year: Mean data was reported at 3.400 % in Mar 2019. This stayed constant from the previous number of 3.400 % for Dec 2018. India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Current Fiscal Year: Mean data is updated quarterly, averaging 4.200 % from Mar 2008 (Median) to Mar 2019, with 43 observations. The data reached an all-time high of 7.000 % in Sep 2009 and a record low of 3.190 % in Mar 2008. India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Current Fiscal Year: Mean data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Business and Economic Survey – Table IN.SE008: Professional Forecasters Survey (PFS): Reserve Bank of India: Annual Forecasts: Central Government Gross Fiscal Deficit as % of GDP.

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.

India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Current Fiscal Year: Median data was reported at 3.400 % in Mar 2019. This records a decrease from the previous number of 3.500 % for Dec 2018. India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Current Fiscal Year: Median data is updated quarterly, averaging 4.100 % from Mar 2008 (Median) to Mar 2019, with 43 observations. The data reached an all-time high of 7.000 % in Sep 2009 and a record low of 3.100 % in Mar 2008. India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Current Fiscal Year: Median data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Business and Economic Survey – Table IN.SE008: Professional Forecasters Survey (PFS): Reserve Bank of India: Annual Forecasts: Central Government Gross Fiscal Deficit as % of GDP.

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.

Revenue Deficits of the Centre, States, Centre and States combined and as percentages of respective GDPs

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.

India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Next Fiscal Year: Minimum data was reported at 3.200 % in Mar 2019. This records an increase from the previous number of 3.000 % for Dec 2018. India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Next Fiscal Year: Minimum data is updated quarterly, averaging 3.500 % from Mar 2008 (Median) to Mar 2019, with 44 observations. The data reached an all-time high of 6.000 % in Mar 2009 and a record low of -3.200 % in Dec 2017. India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Next Fiscal Year: Minimum data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Business and Economic Survey – Table IN.SE008: Professional Forecasters Survey (PFS): Reserve Bank of India: Annual Forecasts: Central Government Gross Fiscal Deficit as % of GDP.

India recorded a government budget deficit of 598153 INR Tens of Million in August 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.

India recorded a Government Debt to GDP of 81.92 percent of the country's Gross Domestic Product in 2024. This dataset provides - India Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Current Fiscal Year: Maximum data was reported at 3.600 % in Mar 2019. This stayed constant from the previous number of 3.600 % for Dec 2018. India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Current Fiscal Year: Maximum data is updated quarterly, averaging 5.000 % from Mar 2008 (Median) to Mar 2019, with 43 observations. The data reached an all-time high of 9.000 % in Jun 2009 and a record low of 3.500 % in Mar 2008. India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Current Fiscal Year: Maximum data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Business and Economic Survey – Table IN.SE008: Professional Forecasters Survey (PFS): Reserve Bank of India: Annual Forecasts: Central Government Gross Fiscal Deficit as % of GDP.

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

Note: 1. Data for 2022-23 are Revised Estimates and data for 2023-24 are Budget Estimates. 2. Data from 2017-18 onwards pertains to all the States and UTs with legislatures. 3. Negative (-) sign indicates surplus in deficit indicators. 4. Up to 2003-04, the percentages are calculated based on the data for GDP at current market prices with base year 1999-2000; 2004-05 to 2010-11 is based on GDP at current market prices with base year 2004-2005; and thereafter the ratios are based on GDP at current market prices with base year 2011-12.

India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Next Fiscal Year: Maximum data was reported at 3.600 % in Mar 2019. This records an increase from the previous number of 3.500 % for Dec 2018. India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Next Fiscal Year: Maximum data is updated quarterly, averaging 5.050 % from Mar 2008 (Median) to Mar 2019, with 44 observations. The data reached an all-time high of 7.500 % in Mar 2009 and a record low of 3.200 % in Jun 2017. India PFS: RBI: Central Government Gross Fiscal Deficit as % of GDP: Next Fiscal Year: Maximum data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Business and Economic Survey – Table IN.SE008: Professional Forecasters Survey (PFS): Reserve Bank of India: Annual Forecasts: Central Government Gross Fiscal Deficit as % of GDP.

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.