India’s fiscal deficit widened to INR 9.77 trillion in April–November 2025–26, up from INR 8.47 trillion a year earlier, reaching 62.3% of the government’s full-year target compared with 52.5% in the same period last year. Total receipts rose 2.9% year-on-year to INR 19.49 trillion, or 55.7% of the annual target, with net tax revenues at INR 13.94 trillion versus INR 14.4 trillion a year ago. Total expenditure increased 6.7% to INR 29.26 trillion, or 57.8% of the full-year target. Capital spending, largely focused on infrastructure, jumped to INR 6.6 trillion, reaching 58.7% of its annual objective compared with INR 5.1 trillion previously. The government aims to narrow the fiscal deficit to 4.4% of GDP, or INR 15.7 trillion, in FY2025–26, down from 4.8% in FY2024–25.