RECEIPTS ₹36.52L CR ▲ 7.2% EXPENDITURE ₹53.47L CR ▲ 7.7% FISCAL DEFICIT ₹16.96L CR · 4.4% GDP STATES SHARE ₹26.21L CR · 41% DEVOLUTION INTEREST PAYMENTS ₹13.35L CR · LARGEST LINE ITEM GROSS BORROWING ₹15.68L CR RBI SURPLUS ₹2.69L CR TRANSFERRED CAPEX ₹11.21L CR ▲ 10.1% DEFENCE ₹6.97L CR INCOME TAX ₹11.23L CR ▲ 14.4% CORPORATION TAX ₹9.63L CR ▲ 10.8% GST ₹10.75L CR ▲ 11.0% SUBSIDIES ₹5.06L CR PM-KISAN ₹68,000 CR · 9.3 CR FARMERS RECEIPTS ₹36.52L CR ▲ 7.2% EXPENDITURE ₹53.47L CR ▲ 7.7% FISCAL DEFICIT ₹16.96L CR · 4.4% GDP STATES SHARE ₹26.21L CR · 41% DEVOLUTION INTEREST PAYMENTS ₹13.35L CR · LARGEST LINE ITEM GROSS BORROWING ₹15.68L CR RBI SURPLUS ₹2.69L CR TRANSFERRED CAPEX ₹11.21L CR ▲ 10.1% DEFENCE ₹6.97L CR INCOME TAX ₹11.23L CR ▲ 14.4% CORPORATION TAX ₹9.63L CR ▲ 10.8% GST ₹10.75L CR ▲ 11.0% SUBSIDIES ₹5.06L CR PM-KISAN ₹68,000 CR · 9.3 CR FARMERS
Fifteen Years of Public Finance Budget at a Glance 2026-27 · Historical Series Receipts, Expenditure, and Fiscal Deficit · FY11-12 to FY26-27 · ₹ Lakh Crore
Fifteen years of data show a 3.8× expansion in India's public finance — from ₹13 lakh crore of expenditure in FY12 to ₹53.47 lakh crore in FY27. The COVID year (FY21) stands out as a structural break: expenditure surged 35% while receipts barely grew, widening the deficit to 9.2% of GDP. The subsequent consolidation has been the defining fiscal story of the last five years.
Expenditure
Receipts
Deficit (shaded)
10L 20L 30L 40L 50L 11-12 13-14 15-16 17-18 19-20 21-22 23-24 25-26 26-27 COVID ₹53.47L ₹36.52L Year Receipts (₹L Cr) Expenditure (₹L Cr) Deficit (₹L Cr) Deficit % FY 26-27 36.52 53.47 16.95 — FY 25-26 34.96 50.65 15.69 — FY 24-25 31.47 47.16 15.69 — FY 23-24 27.16 44.91 17.75 — FY 22-23 24.51 41.93 17.42 — FY 21-22 22.08 37.94 15.86 — FY 20-21 16.33 35.11 18.78 — FY 19-20 16.84 26.86 10.02 — FY 18-19 15.52 23.15 7.63 — FY 17-18 14.35 21.42 7.07 — FY 16-17 13.74 19.75 6.01 — FY 15-16 11.95 17.91 5.96 — FY 14-15 11.01 16.64 5.63 — FY 13-14 10.15 15.59 5.44 — FY 12-13 8.77 14.10 5.33 — FY 11-12 7.92 13.18 5.26 —
The 2020-21 rupture in the trend is the clearest signal of what a sovereign's fiscal capacity looks like under stress. Expenditure crossed ₹35 lakh crore even as receipts stagnated. The subsequent repair — driven by a revenue buoyancy surprise and GST mop-ups — brought the deficit back below 5.5% by FY24. The FY27 target of 4.4% assumes continued revenue outperformance.