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The Public Rupee

India Union Fiscal Snapshot

Union government receipts, expenditure and deficits, cumulative from April and measured against the year's annual target.

Covers
April–May 2026–27
FY2026–27

The upright rule on each rail marks how far through the financial year the period reaches. Fill beyond it means the series is running ahead of its annual target; short of it, behind. At 2 of 12 months these are early readings, and CGA cautions that an in-year deficit is not an indicator of the full-year outcome.

Progress against target

Each figure as a percentage of the year's annual target, beside the same month of the previous year measured against that year's own target. Percentages are compared, not rupee amounts — a larger Budget would otherwise read as faster spending.

SeriesCumulativeAnnual target% of targetLast yearChange
Fiscal deficitBE1.62 ₹ lakh crore16.96 ₹ lakh crore9.6%0.8%+8.7 pp
Revenue deficitBE−68,985 ₹ croresurplus5.92 ₹ lakh crore-11.6%-34.7%+23.1 pp
Primary deficitBE−19,107 ₹ croresurplus2.92 ₹ lakh crore-6.5%-47.4%+40.8 pp
Revenue receiptsBE6.99 ₹ lakh crore35.33 ₹ lakh crore19.8%21.2%−1.4 pp
Total expenditureBE8.81 ₹ lakh crore53.47 ₹ lakh crore16.5%15.0%+1.4 pp
Capital expenditureBE2.51 ₹ lakh crore12.22 ₹ lakh crore20.5%20.2%+0.3 pp

An even pace at 2 of 12 months would be 16.7%. Fiscal flows are not even through the year, so this is a reference point rather than an expectation.

Deficits against GDP

As printed in Budget at a Glance, against the GDP estimate current when each Budget was presented. Taken as published rather than recomputed — a ratio divided by a later GDP vintage would disagree with the document it cites.

Fiscal deficit · 2026–27

4.3%of GDP · Budget

Fiscal deficitRevenue deficitPrimary deficit· % of GDP

Each year is shown at the firmest stage it has reached, and the stage is labelled beneath it. A share moves between stages for two reasons at once — the deficit was revised, and so was the GDP it is divided by — so the series is not a clean like-for-like across the window.

Ministry of Finance · Budget at a Glance 2026-2027 · 2026–27 · p3Unverified

Largest ministry revisions

Where 2025–26 allocations moved most between the Budget Estimate and the Revised Estimate, among the ten ministries this site tracks. Gross of recoveries, as the Demands for Grants state them.