India Government Finances
Union fiscal accounts, public debt, and debt financing
Sources: Controller General of Accounts (CGA), PDMC (DEA), RBI DBIE
Fiscal Deficit YTD (Feb-26)
79.8% of FY BE
-7.0% YoY
Revenue Deficit YTD
74.2% of FY BE
Primary Deficit YTD
Fiscal deficit less interest payments
10Y G-Sec Yield (2025-07)
Deficit Trend (CGA — Union Government Monthly Accounts)
Monthly Cumulative YTD Deficits
Values are cumulative from April of each fiscal year (INR crore). Same-fiscal-year dips reflect lumpy receipts (e.g., RBI surplus transfer in May).
Fiscal Deficit YTD — FY-over-FY Comparison
Each line is one fiscal year, x-axis is month-of-FY (April to March). Track whether current FY is tracking above or below prior years at the same point.
Receipts & Expenditure (CGA)
Revenue Receipts, Capital Receipts, Total Expenditure
Receipts & Expenditure as % of GDP
Full-FY CGA figures divided by the selected GDP series (RBI Handbook Table 1 nominal / Table 2 real, base 2011-12). In-progress fiscal years are excluded.
Revenue Sources — Breakdown by Line Item (CGA)
Tax, Non-Tax & Capital Receipts
Stacked breakdown of direct taxes, indirect taxes, non-tax revenue, and non-debt capital receipts. Devolution to States is excluded (it is netted out of Gross Tax Revenue). Values are gross collections before devolution.
Expenditure Line Items (CGA)
Interest, Defence, Subsidies, Pensions, Grants & Capex
Major revenue expenditure components + capital expenditure. "Other revenue expenditure" (the residual between the items shown and total revenue expenditure) is not separately displayed.
Budget Estimates — FY 2025-26
| Metric | Budget Estimate | Revised Estimate | YTD Actual (Feb-26) | % of BE |
|---|
YTD vs Budget
Public Debt Stock (RBI Handbook — Central Govt Outstanding Liabilities)
Debt Outstanding by Instrument — Annual (end-March)
Solid bars = actuals. Striped = RE (Revised Estimate) / BE (Budget Estimate) for the current and coming fiscal year.
Instrument Mix — 2024 (latest actual)
G-Sec Yield Curve (RBI Handbook — Month-end SGL Yields)
Yield Curve Overlay
Month-end SGL-transaction yields on dated Government of India securities across tenors.
10Y G-Sec Yield History
Debt Maturity Profile (PDMC — Department of Economic Affairs, Quarterly)
WAM 13.62y
·
WAC 7.19%
(prev 2025-06-30: 13.46y)
Maturity Profile Composition — Last 8 Quarters
Shows % of outstanding G-Sec debt in each residual-maturity bucket over time. Rising <1y/1-5y share = more near-term refinancing pressure.
Current Mix — 2025-12-31
Total outstanding: ₹119.70 L cr
Primary-Market Auction Results (PDMC Statement 1)
Quarterly Issuance & Average Cut-off Yield
Recent Auctions (Last 20 Dated G-Secs)
| Auction | Security | Tenor | Raised | Cut-off % |
|---|---|---|---|---|
| 2025-12-26 | 5.91% GS 2028 | 2.5y | ₹9000 cr | 5.83 |
| 2025-12-26 | 6.28% GS 2032 | 6.5y | ₹11000 cr | 6.58 |
| 2025-12-26 | 7.24% GS 2055 | 29.6y | ₹12000 cr | 7.31 |
| 2025-12-19 | 6.01% GS 2030 | 4.6y | ₹18000 cr | 6.35 |
| 2025-12-19 | 7.09% GS 2074 | 48.9y | ₹12000 cr | 7.37 |
| 2025-12-12 | 6.68% GS 2040 | 14.6y | ₹16000 cr | 7.03 |
| 2025-12-12 | 6.90% GS 2065 | 39.3y | ₹12000 cr | 7.43 |
| 2025-12-05 | 6.48% GS 2035 | 9.8y | ₹32000 cr | 6.49 |
| 2025-11-28 | 5.91% GS 2028 | 2.6y | ₹9000 cr | 5.78 |
| 2025-11-28 | 6.28% GS 2032 | 6.6y | ₹11000 cr | 6.43 |
| 2025-11-28 | 6.98% SGrB 2054 | 29.0y | ₹5000 cr | 7.21 |
| 2025-11-28 | 7.24% GS 2055 | 29.7y | ₹7000 cr | 7.29 |
| 2025-11-21 | 6.01% GS 2030 | 4.7y | ₹18000 cr | 6.22 |
| 2025-11-21 | 7.09% GS 2074 | 49.0y | ₹12000 cr | 7.39 |
| 2025-11-14 | 6.68% GS 2040 | 14.6y | ₹16000 cr | 6.91 |
| 2025-11-14 | 6.90% GS 2065 | 39.4y | ₹12000 cr | 7.38 |
| 2025-11-07 | 6.48% GS 2035 | 9.9y | ₹32000 cr | 6.48 |
| 2025-10-31 | 5.91% GS 2028 | 2.7y | ₹9000 cr | 5.84 |
| 2025-10-31 | 6.28% GS 2032 | 6.7y | — | — |
| 2025-10-31 | 6.98% SGrB 2054 | 29.1y | ₹5000 cr | 7.19 |