India’s fiscal deficit reached INR 7.1 trillion in April-September 2026-27, up from INR 5.7 trillion a year earlier and equivalent to 42.1% of the full-year target, compared with 36.5% previously. Total expenditure rose 10.7% to INR 25.5 trillion, including capital spending of INR 6.5 trillion, up from INR 5.8 trillion and equal to 53.6% of the annual target. Total receipts increased 6.1% to INR 18.4 trillion, supported by net tax revenue of INR 12.8 trillion versus INR 12.3 trillion a year earlier and non-tax revenue of INR 4.8 trillion compared with INR 4.7 trillion. India is targeting a fiscal deficit of INR 17.0 trillion, or 4.3% of GDP, for 2026-27.