Centre's April-September fiscal deficit at 42.1% of FY27 target, CGA data show
The Union government's fiscal deficit for April to September 2026 was Rs 7,14,413 crore, 42.1% of the 2026-27 budget estimate, provisional CGA accounts show.
Key points
- The Controller General of Accounts says the Centre's fiscal deficit for April to September 2026 was Rs 7,14,413 crore.
- That is 42.1% of the full-year budget estimate of Rs 16,95,768 crore, against 36.5% at the same point last year.
- The CGA notes that a part-year deficit is not necessarily an indicator of the full-year figure; these are unaudited provisional numbers.
Photo: Marcin Wichary from San Francisco, U.S.A. / Wikimedia Commons, CC BY 2.0 (cropped). Representational image.
The Union government's fiscal deficit for April to September 2026 was Rs 7,14,413 crore, or 42.1% of the budget estimate of Rs 16,95,768 crore for 2026-27, according to the monthly accounts published by the Controller General of Accounts (CGA). At the same point last year, the deficit stood at 36.5% of that year's estimate. In the CGA's table, the fiscal deficit is total expenditure minus total receipts.
What Happened
The CGA's accounts show the deficit rose 24.7% to Rs 7,14,413 crore in the first half of 2026-27, from Rs 5,73,123 crore in April to September 2025.
Total receipts were Rs 18,35,422 crore, 50.3% of the budget estimate. Net tax revenue rose 3.8% to Rs 12,76,088 crore from Rs 12,29,370 crore, reaching 44.5% of the estimate. Non-tax revenue was Rs 4,80,732 crore, 72.2% of the estimate.
Total expenditure rose 10.7% to Rs 25,49,835 crore from Rs 23,03,339 crore. Capital expenditure rose 12.7% to Rs 6,54,547 crore, 53.6% of the estimate. Interest payments rose 11.7% to Rs 6,46,010 crore. Major subsidies rose 10.1% to Rs 2,22,904.97 crore, with the food subsidy up 16.0% to Rs 1,02,505.54 crore.
The CGA's table of financing shows market borrowings of Rs 5,38,242 crore up to September, 41% of the budget estimate.
What It Means
The government has used a larger share of its full-year deficit target in the first six months than it had a year earlier. Over the period, total expenditure rose 10.7% while net tax revenue rose 3.8%. The CGA cautions that the deficit in the monthly accounts is not necessarily an indicator of the deficit for the full year, because of a mismatch in timing between the flow of receipts and spending, which may be substantially offset by the end of the financial year. The figures are unaudited and provisional.
The CGA's table of sources of financing the deficit lists market borrowings and securities against small savings among the sources of domestic financing.
Source: CGA Union Government Accounts at a glance, September 2026
Sources & Citations
- CGA Union Government Accounts at a glance, September 2026 — Controller General of Accounts, Ministry of Finance
- CGA monthly trend tables, September 2026 — Controller General of Accounts, Ministry of Finance