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 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 recorded a government budget deficit of 186332 INR Tens of Million in April 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 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.

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

Fiscal Expenditure in India decreased to 465620 INR Tens of Million in April from 4655517 INR Tens of Million in March of 2025. This dataset provides - India Fiscal Expenditure- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

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.

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

The budget balance in relation to the GDP in India amounts to approximately -6.86 percent in 2025.Fluctuating rise between 1988 and 2025Compared to the earliest depicted observation from 1988 there is a total increase by approximately 0.15 percentage points. Looking at the trajectory between 1988 and 2025, one can observe that this increase however did not happen continuously.Fluctuating rise between 2025 and 2030In 2030 the budget balance will lie at about -6.65 percent, according to forecasts. From 2025 onwards, there is an overall increase by approximately 0.21 percentage points.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 expense and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.

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: 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.

In fiscal year 2024, the gross fiscal deficit across Karnataka was about 666 billion Indian rupees. This was a significant increase compared to fiscal year 2017 with over 286 billion Indian rupees in fiscal deficits.

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.

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.

The dataset contains All India Central Government Gross Fiscal Deficits 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. GFD receipts includes revenue receipts and disinvestments proceeds from 1991-92 onwards and only revenue receipts for all other years. 3. GFD expenditure includes revenue expenditure, capital outlay and loans and advances net of recoveries. 4. Drawdown of cash balances represent variation in ad hoc treasury bills issued net of changes in cash balances with RBI up to March 31,1997. 5. 2017-18 onwards Market Borrowings include dated securities only. Prior to that market borrowing comprise dated securities, 364-day treasury bills and net impact of switching off of securities. 6. Prior to 2017-18 Other borrowings comprise small savings, state provident fund, special deposits, reserve funds, treasury bills excluding 364-day treasury bills,etc. 2017-18 onwards Other borrowings also include 364-day treasury bills and net impact of switching off of securities.

State Finances: BE: Gross Fiscal Deficit: Non Debt Capital Receipts data was reported at 231,139.000 INR mn in 2025. This records a decrease from the previous number of 238,718.000 INR mn for 2024. State Finances: BE: Gross Fiscal Deficit: Non Debt Capital Receipts data is updated yearly, averaging 20,400.000 INR mn from Mar 2009 (Median) to 2025, with 17 observations. The data reached an all-time high of 238,718.000 INR mn in 2024 and a record low of 1,300.000 INR mn in 2016. State Finances: BE: Gross Fiscal Deficit: Non Debt Capital Receipts 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.FE004: State Finances: Decomposition of Gross Fiscal Deficit: Budget Estimates.