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.

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

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

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.

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

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

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.

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.

India: Budget balance forecast, percent of GDP: The latest value from 2030 is -6.64 percent, an increase from -6.79 percent in 2029. In comparison, the world average is -2.33 percent, based on data from 81 countries. Historically, the average for India from 1996 to 2030 is -7.86 percent. The minimum value, -11.09 percent, was reached in 2003 while the maximum of -5.21 percent was recorded in 2007.

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.

State Finances: BE: NCT of Delhi: Gross Fiscal Deficit data was reported at 65,646.000 INR mn in 2025. This records a decrease from the previous number of 103,857.000 INR mn for 2024. State Finances: BE: NCT of Delhi: Gross Fiscal Deficit data is updated yearly, averaging 26,850.000 INR mn from Mar 2002 (Median) to 2025, with 24 observations. The data reached an all-time high of 106,647.000 INR mn in 2022 and a record low of -20,600.000 INR mn in 2014. State Finances: BE: NCT of Delhi: Gross Fiscal 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.FE004: State Finances: Decomposition of Gross Fiscal Deficit: Budget Estimates.

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

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.