Vol. 02 · Union Budget 2026-27 · thepublicrupee.com · Radical Transparency Edition · 31 May 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

What Your State Gets

Annex-4, Union Receipts Budget 2026-27

Horizontal devolution under the Sixteenth Finance Commission formula · 28 states

The Sixteenth Finance Commission fixed the vertical devolution share at 41% of the central divisible pool. The horizontal formula — how that 41% is split among 28 states — weighs population (15%), area (15%), forest cover (10%), income distance (45%), and demographic performance (12.5%). The result is a complex redistribution: larger, poorer states get more; richer states cross-subsidise.

Selected State

Uttar Pradesh [UP]

Share: 17.619% · ₹2.69L Cr · ₹11.2K per head

Corp Tax

₹78.9K Cr

Income Tax

₹95.7K Cr

CGST

₹73.5K Cr

Customs

₹14.3K Cr

StateShare %Total DevolutionPer CapitaCorp TaxIncome TaxCGSTPopulation (Cr)
Uttar Pradesh17.619%₹2.69L Cr₹11.2K₹78.9K Cr₹95.7K Cr₹73.5K Cr24.1
Bihar9.948%₹1.52L Cr₹11.6K₹44.6K Cr₹54.0K Cr₹41.5K Cr13.1
Madhya Pradesh7.347%₹1.12L Cr₹12.9K₹32.9K Cr₹39.9K Cr₹30.7K Cr8.7
West Bengal7.215%₹1.10L Cr₹11.0K₹32.3K Cr₹39.2K Cr₹30.1K Cr10.0
Maharashtra6.441%₹98.3K Cr₹8.0K₹28.9K Cr₹35.0K Cr₹26.9K Cr12.3
Rajasthan5.926%₹90.4K Cr₹11.2K₹26.6K Cr₹32.2K Cr₹24.7K Cr8.1
Odisha4.420%₹67.5K Cr₹15.7K₹19.8K Cr₹24.0K Cr₹18.5K Cr4.3
Andhra Pradesh4.217%₹64.4K Cr₹12.4K₹18.9K Cr₹22.9K Cr₹17.6K Cr5.2
Karnataka4.131%₹63.0K Cr₹9.4K₹18.5K Cr₹22.4K Cr₹17.2K Cr6.7
Tamil Nadu4.097%₹62.5K Cr₹8.2K₹18.4K Cr₹22.3K Cr₹17.1K Cr7.6
Gujarat3.755%₹57.3K Cr₹8.2K₹16.8K Cr₹20.4K Cr₹15.7K Cr7.0
Jharkhand3.357%₹51.2K Cr₹13.5K₹15.0K Cr₹18.2K Cr₹14.0K Cr3.8
Chhattisgarh3.304%₹50.4K Cr₹16.8K₹14.8K Cr₹17.9K Cr₹13.8K Cr3.0
Assam3.258%₹49.7K Cr₹13.8K₹14.6K Cr₹17.7K Cr₹13.6K Cr3.6
Kerala2.382%₹36.4K Cr₹10.4K₹10.7K Cr₹12.9K Cr₹9.9K Cr3.5
Telangana2.174%₹33.2K Cr₹9.5K₹9.7K Cr₹11.8K Cr₹9.1K Cr3.5
Punjab1.996%₹30.5K Cr₹10.2K₹8.9K Cr₹10.8K Cr₹8.3K Cr3.0
Haryana1.361%₹20.8K Cr₹8.3K₹6.1K Cr₹7.4K Cr₹5.7K Cr2.5
Arunachal Pradesh1.354%₹20.7K Cr₹147.6K₹6.1K Cr₹7.4K Cr₹5.7K Cr0.1
Uttarakhand1.141%₹17.4K Cr₹15.8K₹5.1K Cr₹6.2K Cr₹4.8K Cr1.1
Himachal Pradesh0.914%₹13.9K Cr₹19.1K₹4.1K Cr₹5.0K Cr₹3.8K Cr0.7
Tripura0.641%₹9.8K Cr₹25.1K₹2.9K Cr₹3.5K Cr₹2.7K Cr0.4
Meghalaya0.631%₹9.6K Cr₹30.1K₹2.8K Cr₹3.4K Cr₹2.6K Cr0.3
Manipur0.626%₹9.6K Cr₹32.9K₹2.8K Cr₹3.4K Cr₹2.6K Cr0.3
Mizoram0.564%₹8.6K Cr₹71.7K₹2.5K Cr₹3.1K Cr₹2.4K Cr0.1
Nagaland0.481%₹7.3K Cr₹33.4K₹2.2K Cr₹2.6K Cr₹2.0K Cr0.2
Goa0.365%₹5.6K Cr₹34.8K₹1.6K Cr₹2.0K Cr₹1.5K Cr0.2
Sikkim0.335%₹5.1K Cr₹73.0K₹1.5K Cr₹1.8K Cr₹1.4K Cr0.1