Fiscal deficit so far this year (GFD)
GFD = Gross Fiscal Deficit- How often
- Every monthLast working day of the following month
- Next release
- Mon 30 NovIn 18 days · expected · 5:00 PM
September 2026, up from 41.9% of target in August 2026.
Events on this chart
Source: CGA, released 30 Oct 2026 · Chart: Clarity UPSC
- Previous
- 41.9% of targetAug 2026
- Highest
- 100.5% of targetMar 2025
- Lowest
- 0.8% of targetMay 2025
Higher than 56% of the 42 readings since Apr 2023.
Story
How much of the year's borrowing target the Centre has used so far.
What is happening now As of Sep 2026
From April to September 2026 the Centre's fiscal deficit was ₹7,14,413 crore, 42.1% of the Budget Estimate (BE) of ₹16,95,768 crore. At the same point a year earlier it was 36.5% of that year's BE. The accounts of the Controller General of Accounts (CGA) show spending running ahead of last year's pace: revenue spending reached 45.9% of its BE, against 43.7%, and capital spending 53.6%, against 51.8%. Net tax revenue reached 44.5% of its BE, against 43.3%, but non-tax revenue only 72.2%, against 79.9%.
Reviewing the April–August accounts, the Reserve Bank of India (RBI) said the deficit was higher because revenue spending rose, led by subsidies on food, fertiliser and petroleum, which were 24.4% higher than a year earlier; interest payments were lower. Capital spending grew 18.2% over the same months, which the RBI reads as the government's continued push on infrastructure.
Why it matters
The monthly figure shows whether the Centre is on course to meet the borrowing target it set in the Budget. If the deficit runs ahead of the usual pace, the government may have to borrow more than planned or slow its spending later in the year. A shortfall in tax receipts shows up here months before the year's accounts close.
The accounts also show how fast the government is spending on roads, railways and other assets, and how quickly money reaches its schemes. Investors in government bonds and the Reserve Bank of India (RBI) follow them, because extra borrowing affects interest rates.
What it is
This figure follows the Centre's fiscal deficit from April to the month shown, as a share of the year's target. It shows how fast the government is using up its borrowing plan.
The Controller General of Accounts (CGA), Ministry of Finance, compiles the Union Government's accounts each month and publishes them at the end of the following month; the March accounts, which give the provisional result for the whole year, come at the end of May. The accounts for April to December are compared with the budget estimate. Once the Budget gives a revised estimate on 1 February, the January to March accounts are compared with that figure.
Receipts and spending arrive unevenly, so the share jumps around. A large receipt, such as the surplus the Reserve Bank of India (RBI) transfers to the government, can cut the deficit in a single month. The CGA notes that a monthly figure is not necessarily a guide to the full-year deficit.
Read this number
- The publisher
- The Controller General of Accounts, in the Ministry of Finance, keeps the Union government's accounts and publishes its monthly receipts and spending.
Terms on this page (4)
- BE
- Budget Estimate
- CGA
- Controller General of Accounts
- FRBM
- Fiscal Responsibility and Budget Management
- RBI
- Reserve Bank of India
History
- 5 Jul 2004The Fiscal Responsibility and Budget Management (FRBM) Act and the FRBM Rules, 2004 come into force. Rule 7 requires a mid-year check of the deficit against set benchmarks.
- 2025-26The year ends at 97.5% of the revised estimate, according to the provisional accounts of the Controller General of Accounts (CGA).
- 22 May 2026The Reserve Bank of India (RBI) approves a surplus transfer of ₹2,86,588 crore to the Centre. The April–May deficit falls to 9.6% of the budget estimate, from 21.4% for April alone.
Readings
| Period | Value | Status | Released |
|---|---|---|---|
| Sep 2026 | 42.1% of target | Provisional | 30 Oct 2026 |
| Aug 2026 | 41.9% of target | Provisional | 30 Sep 2026 |
| Jul 2026 | 26.8% of target | Provisional | 31 Aug 2026 |
| Jun 2026 | 18.2% of target | Provisional | 31 Jul 2026 |
| May 2026 | 9.6% of target | Provisional | 30 Jun 2026 |
| Apr 2026 | 21.4% of target | Provisional | 29 May 2026 |
| Mar 2026 | 97.5% of target | Provisional | 29 May 2026 |
| Feb 2026 | 80.4% of target | Provisional | 31 Mar 2026 |
| Jan 2026 | 63.0% of target | Provisional | 27 Feb 2026 |
| Dec 2025 | 54.5% of target | Provisional | 30 Jan 2026 |
| Nov 2025 | 62.3% of target | Provisional | 31 Dec 2025 |
| Oct 2025 | 52.6% of target | Provisional | 28 Nov 2025 |
For UPSC
Know that the Controller General of Accounts publishes the Union Government's monthly accounts, that the Fiscal Responsibility and Budget Management (FRBM) Rules require a mid-year review of the deficit, and how surplus transfers from the Reserve Bank of India (RBI) make the monthly figures uneven.