In the financial year 2026, the estimated gross fiscal deficit in India was expected to be 4.4 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.

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

For the financial year 2022, according to the budget estimate, the fiscal deficit for states as a percent of GDP was 3.7 percent. However, to overcome the crises caused by the COVID-19 pandemic, an economic package to the tune of 23 billion U.S. dollars was sanctioned. This led to a rise of 80 basis points. Thereby speculations rose related to an increase in the fiscal deficit, similar to what occurred during the 2008 financial crises.

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 2.9 percent in fiscal year 2022. The ratio was estimated to remain stable in 2024.

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 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.

India Union Budget: Actuals: Fiscal Deficit data was reported at 16,546,430.000 INR mn in 2024. This records a decrease from the previous number of 17,377,550.000 INR mn for 2023. India Union Budget: Actuals: Fiscal Deficit data is updated yearly, averaging 778,350.000 INR mn from Mar 1971 (Median) to 2024, with 54 observations. The data reached an all-time high of 18,182,910.000 INR mn in 2021 and a record low of 14,080.000 INR mn in 1971. India Union Budget: Actuals: 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.FB004: Union Budget: At A Glance: 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.

In fiscal year 2025, the primary deficit as a share of GDP in India was projected to be almost 1.5 percent. This figure stood at 5.7 percent in fiscal year 2021. Primary deficit indicates a government's borrowing requirements, excluding interest.

State Finances: Actuals: Haryana: Gross Fiscal Deficit: Revenue Deficit data was reported at 172,115.000 INR mn in 2023. This records a decrease from the previous number of 203,333.000 INR mn for 2022. State Finances: Actuals: Haryana: Gross Fiscal Deficit: Revenue Deficit data is updated yearly, averaging 33,150.000 INR mn from Mar 2000 (Median) to 2023, with 24 observations. The data reached an all-time high of 223,856.000 INR mn in 2021 and a record low of -22,240.000 INR mn in 2008. State Finances: Actuals: Haryana: Gross Fiscal Deficit: Revenue Deficit data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Government and Public Finance – Table IN.FE006: State Finances: Decomposition of Gross Fiscal Deficit: Actuals.

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

The gross fiscal deficit across Andhra Pradesh was about 546 billion Indian rupees in financial year 2024. This was an increase from the previous year, when the deficit was estimated to be 477 billion Indian rupees.

India Union Budget: Fiscal Deficit data was reported at 15,689,360.000 INR mn in 2026. This records a decrease from the previous number of 15,695,270.000 INR mn for 2025. India Union Budget: Fiscal Deficit data is updated yearly, averaging 968,265.000 INR mn from Mar 1971 (Median) to 2026, with 56 observations. The data reached an all-time high of 18,182,910.000 INR mn in 2021 and a record low of 14,080.000 INR mn in 1971. India Union Budget: 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.FB001: Union Budget: At A Glance. 2025-2026 – Budget Estimates 2024-2025 – Revised Estimates 2023-2022 & Before – Actuals

India recorded a Government Debt to GDP of 81.59 percent of the country's Gross Domestic Product in 2023. This dataset provides - India Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 9.5 percent. The revenue deficit was at 7.5 percent, effective revenue deficit at 6.3 percent, and primary deficit rose to 3.1 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.

In fiscal year 2024, the gross fiscal deficit across Haryana was about 333 billion Indian rupees. Overall, the estimated fiscal deficits of Haryana's budget had fluctuated during the examined period.

India State Finances: BE: Gross Fiscal Deficit: Financing: Overall Deficit: Decrease in Cash Balance data was reported at 158,320.000 INR mn in 2025. This records a decrease from the previous number of 242,738.000 INR mn for 2024. India State Finances: BE: Gross Fiscal Deficit: Financing: Overall Deficit: Decrease in Cash Balance data is updated yearly, averaging 127,145.000 INR mn from Mar 2006 (Median) to 2025, with 20 observations. The data reached an all-time high of 699,300.000 INR mn in 2015 and a record low of -33,110.000 INR mn in 2008. India State Finances: BE: Gross Fiscal Deficit: Financing: Overall Deficit: Decrease in Cash Balance data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Government and Public Finance – Table IN.FE002: State Finances: Financing of Gross Fiscal Deficit.

China recorded a Government Budget deficit equal to 5.80 percent of the country's Gross Domestic Product in 2023. This dataset provides - China Government Budget - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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