Vol. 02 · Union Budget 2026-27 · thepublicrupee.com · Radical Transparency Edition · 17 April 2026

The Public Rupee

A sovereign ledger for a republic of 1.4 billion — every rupee collected, every rupee spent, traced to the document.

Total Expenditure BE 2026-27

₹53.47L Cr

Fiscal Deficit

₹16.96L Cr

4.4% of GDP

RECEIPTS ₹36.52L CR ▲ 7.2%EXPENDITURE ₹53.47L CR ▲ 7.7%FISCAL DEFICIT ₹16.96L CR · 4.4% GDPSTATES SHARE ₹26.21L CR · 41% DEVOLUTIONINTEREST PAYMENTS ₹13.35L CR · LARGEST LINE ITEMGROSS BORROWING ₹15.68L CRRBI SURPLUS ₹2.69L CR TRANSFERREDCAPEX ₹11.21L CR ▲ 10.1%DEFENCE ₹6.97L CRINCOME TAX ₹11.23L CR ▲ 14.4%CORPORATION TAX ₹9.63L CR ▲ 10.8%GST ₹10.75L CR ▲ 11.0%SUBSIDIES ₹5.06L CRPM-KISAN ₹68,000 CR · 9.3 CR FARMERSRECEIPTS ₹36.52L CR ▲ 7.2%EXPENDITURE ₹53.47L CR ▲ 7.7%FISCAL DEFICIT ₹16.96L CR · 4.4% GDPSTATES SHARE ₹26.21L CR · 41% DEVOLUTIONINTEREST PAYMENTS ₹13.35L CR · LARGEST LINE ITEMGROSS BORROWING ₹15.68L CRRBI SURPLUS ₹2.69L CR TRANSFERREDCAPEX ₹11.21L CR ▲ 10.1%DEFENCE ₹6.97L CRINCOME TAX ₹11.23L CR ▲ 14.4%CORPORATION TAX ₹9.63L CR ▲ 10.8%GST ₹10.75L CR ▲ 11.0%SUBSIDIES ₹5.06L CRPM-KISAN ₹68,000 CR · 9.3 CR FARMERS

Where the Rupee Goes

Budget at a Glance 2026-27 · indiabudget.gov.in

Expenditure side of the Union Budget — transfers, debt service, subsidies, capex

AnnualUpdated 1 Feb 2026Budget at a Glance 2026-27

Of every rupee spent by the Union Government, 59 paise goes to just three line items: states' share of taxes (22 paise), interest payments (20 paise), and central sector schemes (17 paise). The government has limited room for discretion — most of the budget is pre-committed by constitutional obligations, debt service, and entitlement schemes.

Composition of Expenditure · % of total rupee

101%OF RUPEE

States' share of taxes

22% · Constitutional devolution under Finance Commission formula. Untouchable by Union.

Interest payments

20% · Debt servicing. Now the single largest 'charged' expenditure.

Central sector schemes

17% · Fully funded by Centre. PM-KISAN, Ayushman Bharat, etc.

Defence

11% · MoD + Defence pensions + capital outlay. ≈ 1.6% of GDP.

Centrally sponsored schemes

8% · Shared Centre-state funding. MGNREGS, Jal Jeevan, PMAY.

Finance Commission & other transfers

8% · Revenue deficit grants, disaster response, local-body grants.

Major subsidies

6% · Food (₹2.28L cr), Fertiliser (₹1.71L cr), LPG.

Civil pensions

2% · Pensions of retired civilian government employees.

Other expenditures

7% · Administrative costs, grants-in-aid, all other.

Source: Budget at a Glance 2026-27, p. 1 · 2026-02-01

Head

Amount (bar)

Value

%

States' share of taxes

₹11.76L Cr

22%

Interest payments

₹10.69L Cr

20%

Central sector schemes

₹9.09L Cr

17%

Defence

₹5.88L Cr

11%

Centrally sponsored schemes

₹4.28L Cr

8%

Finance Commission & other transfers

₹4.28L Cr

8%

Major subsidies

₹3.21L Cr

6%

Civil pensions

₹1.07L Cr

2%

Other expenditures

₹3.74L Cr

7%

Source: Budget at a Glance 2026-27, p. 1 · 2026-02-01