India’s Fiscal Snapshot for 2025: Rising Revenues, Robust Capex, and Strategic Disinvestment Strengthen Public Finances
India’s fiscal operations for the first eight months of the financial year 2025–26 reflect a combination of strong tax mobilisation, strategic disinvestment performance, and capital expenditure acceleration, according to consolidated data released by the Ministry of Finance. As of end-November 2025, the Government of India has received ₹19.49 lakh crore, amounting to 55.7 percent of the total Budget Estimates for the fiscal year. Of this, ₹13.93 lakh crore was realised as net tax revenue, ₹5.16 lakh crore as non-tax revenue, and ₹38,927 crore through non-debt capital receipts. Representational Image: Via: Reels on X Tax devolution to state governments during the same period stood at ₹9.36 lakh crore, ₹1.24 lakh crore higher than the corresponding period in the previous year. Total expenditure by the central government amounted to ₹29.25 lakh crore or 57.8 percent of the annual target. Of this, ₹22.67 lakh crore was revenue expenditure, including ₹7.45 lakh crore in interest ...