As the Indian Government steps up discussions for the forthcoming budget scheduled to be presented on 1st Feb 2026, here are some highlights from last years budget
India's Summary Budget
Big picture and latest status
For 2024‑25, total expenditure is estimated at ₹48.21 lakh crore, with total receipts (excluding borrowings) at ₹32.07 lakh crore and net tax receipts at ₹25.83 lakh crore.
The fiscal deficit is budgeted at 4.9% of GDP, down from 5.6% in 2023‑24, signalling a stronger push towards the medium‑term 4.5% target.
Recent analyses in early 2026 note that the government is broadly on track to meet the fiscal‑deficit glide path, though capex execution and tax buoyancy remain key monitoring points.
Fiscal Deficit (FD) is the difference between total expenditure and total receipts (excluding Debt
Capital Receipts). FD is reflective of the total borrowing requirement of Government.Revenue Deficit refers to the excess of revenue expenditure over revenue receipts. Effective Revenue Deficit is
the difference between Revenue Deficit and Grants- in-Aid for Creation of Capital Assets.
Primary Deficit is measured as Fiscal Deficit less interest payments. Effective Capital Expenditure (Eff-
Capex) refers to the sum of Capital Expenditure and Grants-in-Aid for Creation of Capital Assets.
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