India’s fiscal deficit up to February 2025 (FY2024-25) was Rs 13.47 trillion ($157.62 billion), or 85.8% of the estimate for the financial year ending March 31, government data showed on Friday.
The Government of India has received ₹25,46,317 crore in the said period, which comprises 80.9% of corresponding RE 2024-25 of Total Receipts up to February 2025, comprising ₹20,15,634 crore of Tax Revenue (Net to Centre), ₹4,93,319 crore of Non-Tax Revenue, and ₹37,364 crore of Non-Debt Capital Receipts.
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Further, ₹11,80,532 crore has been transferred to state governments as devolution of share of taxes by the Government of India up to this period, which is ₹1,47,099 crore higher than the previous year.
The total expenditure incurred by the Government of India is ₹38,93,169 crore, which is 82.5% of the corresponding RE 2024-25. Out of this, ₹30,81,282 crore is on the revenue account and ₹8,11,887 crore is on the capital account.
Out of the total revenue expenditure, ₹9,52,844 crore is on account of interest payments and ₹3,63,005 crore on account of major subsidies.
On the other hand, data released by the Reserve Bank of India (RBI) said India’s current account deficit (CAD) inched up to USD 11.5 billion, or 1.1% of GDP, in the December quarter from USD 10.4 billion (1.1 per cent of GDP) in the year-ago period. This was mainly due to a higher trade deficit.
However, the CAD in the December quarter of 2024-25 has moderated from USD 16.7 billion (1.8% of GDP) in the preceding quarter of the fiscal year.
“India’s current account deficit (CAD) increased to US$ 11.5 billion (1.1% of GDP) in Q3:2024-25 from US$ 10.4 billion (1.1% of GDP) in Q3:2023-24 but moderated from US$ 16.7 billion (1.8% of GDP) in Q2:2024-25.2,” said the RBI’s data on Developments in India’s Balance of Payments.
Merchandise trade deficit increased to USD 79.2 billion in the October-December period of 2024-25 from USD 71.6 billion in the year-ago period.
The CAD widened to USD 37.0 billion (1.3% of GDP) during April-December 2024 from USD 30.6 billion (1.1% of GDP) during the corresponding period of last year, primarily on account of a higher merchandise trade deficit, the RBI data said.
