{
 "name": "India Fiscal Deficit — Centre, States & Combined (% of GDP)",
 "unit": "percent of GDP (gross fiscal deficit)",
 "dashboard": "https://bankpulse.ai/dashboards/fiscal-deficit/",
 "source": "Union Budget documents, RBI Handbook of Statistics on the Indian Economy & RBI State Finances: A Study of Budgets, rbi.org.in / indiabudget.gov.in",
 "reviewed_by": "Vikram Jain",
 "license": "https://creativecommons.org/licenses/by/4.0/",
 "updated": "2026-06-19T04:35:21+05:30",
 "dateModified": "2026-06-19T04:35:21+05:30",
 "note": "Official estimates, rounded and approximate. Centre figures are Union Budget actuals (FY2024-25 provisional/RE); States and combined are from RBI State Finances / HBS and revised in later vintages. Combined GFD is consolidated (inter-governmental transactions netted out) and is therefore lower than Centre + States summed.",
 "series": [
  {
   "fiscal_year": "FY2019-20",
   "centre_gfd_pct_gdp": 4.6,
   "states_gfd_pct_gdp": 2.6,
   "combined_gfd_pct_gdp": 7.2,
   "note": "Pre-pandemic; Centre slipped on weak revenue"
  },
  {
   "fiscal_year": "FY2020-21",
   "centre_gfd_pct_gdp": 9.2,
   "states_gfd_pct_gdp": 4.1,
   "combined_gfd_pct_gdp": 13.3,
   "note": "COVID-19 peak — record combined deficit"
  },
  {
   "fiscal_year": "FY2021-22",
   "centre_gfd_pct_gdp": 6.7,
   "states_gfd_pct_gdp": 2.8,
   "combined_gfd_pct_gdp": 9.6,
   "note": "Recovery; consolidation begins"
  },
  {
   "fiscal_year": "FY2022-23",
   "centre_gfd_pct_gdp": 6.4,
   "states_gfd_pct_gdp": 2.8,
   "combined_gfd_pct_gdp": 9.4,
   "note": "Gradual glide-path consolidation"
  },
  {
   "fiscal_year": "FY2023-24",
   "centre_gfd_pct_gdp": 5.6,
   "states_gfd_pct_gdp": 3.0,
   "combined_gfd_pct_gdp": 8.5,
   "note": "Centre beat target; capex-led"
  },
  {
   "fiscal_year": "FY2024-25",
   "centre_gfd_pct_gdp": 4.8,
   "states_gfd_pct_gdp": 3.2,
   "combined_gfd_pct_gdp": 7.7,
   "note": "Provisional / RE, subject to revision"
  }
 ]
}