Government net lending/borrowing in India

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: -7.4% 2027: -7.3% 2028: -7.1% 2029: -6.9% 2030: -6.7% 2031: -6.6%

-8.7 (1999) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 1999	-8.7
Jan 1998	-9.7
Jan 1997	-8.3
Jan 1996	-6.7
Jan 1995	-6.8
Jan 1994	-8.0
Jan 1993	-8.6
Jan 1992	-7.9
Jan 1991	-7.4
Jan 1990	-7.6

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually (with quarterly advance estimates in some economies), subject to revision with the national accounts.

What it is

India's government deficit is the shortfall in public accounts when spending exceeds revenue over the financial year (April to March). The headline gauge is the central government's fiscal deficit, shown as a share of GDP.

How it's calculated

It is total expenditure less revenue excluding borrowings, published by the Ministry of Finance and the Controller General of Accounts, with monthly execution data. The annual target is set in the Union Budget.

Market implications

The fiscal deficit shapes sovereign issuance, rupee bond yields and debt sustainability, and is central to rating agencies' view. A worse-than-expected print can lift yields and weigh on the rupee.

Limitations

Monthly execution data are highly seasonal and uneven through the year, and the balance is revised. The central deficit does not capture the combined shortfall with the states or off-budget liabilities.