Overview
- Government data released Monday show a Rs 12.52–12.53 lakh crore shortfall for April to February, equal to 80.4% of the full‑year goal.
- The gap was smaller than a year earlier at 85.8%, with total receipts at about Rs 27.91–27.92 lakh crore (82% of plan) and spending at Rs 40.44–40.45 lakh crore (81.5%).
- Net tax revenue reached Rs 21.45 lakh crore and non‑tax revenue about Rs 5.8–5.81 lakh crore, helped by central bank dividend flows, while Rs 12.66 lakh crore was devolved to states.
- Capital spending rose to Rs 9.29 lakh crore (84.8% of target) as the government kept revenue spending tight, with interest payments at Rs 10.65 lakh crore and major subsidies at Rs 3.89 lakh crore.
- The fiscal target for FY26 is Rs 15.58 lakh crore, or 4.4% of GDP, with some economists seeing the goal as reachable and others flagging risks from a GDP base revision, fuel excise cuts that could shave Rs 1–1.2 lakh crore from FY27 revenue, and potential oil‑linked costs from the West Asia conflict.