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.
Fiscal deficit in relation to gross domestic product across India from financial year 2015 to 2024, with estimates until 2026
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Fiscal deficit in relation to gross domestic product across India from financial year 2015 to 2024, with estimates until 2026
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Union Budget (India). (January 31, 2025). Fiscal deficit in relation to gross domestic product across India from financial year 2015 to 2024, with estimates until 2026 [Graph]. In Statista. Retrieved March 08, 2025, from https://www.statista.com/statistics/802020/india-gross-fiscal-deficit-in-relation-to-gdp/
Union Budget (India). "Fiscal deficit in relation to gross domestic product across India from financial year 2015 to 2024, with estimates until 2026." Chart. January 31, 2025. Statista. Accessed March 08, 2025. https://www.statista.com/statistics/802020/india-gross-fiscal-deficit-in-relation-to-gdp/
Union Budget (India). (2025). Fiscal deficit in relation to gross domestic product across India from financial year 2015 to 2024, with estimates until 2026. Statista. Statista Inc.. Accessed: March 08, 2025. https://www.statista.com/statistics/802020/india-gross-fiscal-deficit-in-relation-to-gdp/
Union Budget (India). "Fiscal Deficit in Relation to Gross Domestic Product across India from Financial Year 2015 to 2024, with Estimates until 2026." Statista, Statista Inc., 31 Jan 2025, https://www.statista.com/statistics/802020/india-gross-fiscal-deficit-in-relation-to-gdp/
Union Budget (India), Fiscal deficit in relation to gross domestic product across India from financial year 2015 to 2024, with estimates until 2026 Statista, https://www.statista.com/statistics/802020/india-gross-fiscal-deficit-in-relation-to-gdp/ (last visited March 08, 2025)
Fiscal deficit in relation to gross domestic product across India from financial year 2015 to 2024, with estimates until 2026 [Graph], Union Budget (India), January 31, 2025. [Online]. Available: https://www.statista.com/statistics/802020/india-gross-fiscal-deficit-in-relation-to-gdp/
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