India's Fiscal Deficit Hits 62.3% of FY26 Target by November, Tax Receipts Dip

• India's fiscal deficit reached Rs 9.8 lakh crore from April to November, accounting for 62.3% of the full FY26 target of Rs 15.7 lakh crore.
• Net tax receipts declined to Rs 13.9 lakh crore, down from Rs 14.4 lakh crore in the same period last year, reflecting pressure on tax collections.
• Non-tax revenue saw a sharp increase to Rs 5.2 lakh crore, up from Rs 4.3 lakh crore, providing a cushion to government receipts.
• Total government expenditure rose to Rs 29.3 lakh crore, with capital expenditure jumping 28% YoY to Rs 6.6 lakh crore, indicating a strong infrastructure push.
• ICRA's Aditi Nayar projects a Rs 1.5 lakh crore shortfall in gross tax revenues for FY26, despite healthy capex growth.

Why It Matters: India's fiscal deficit reached 62.3% of FY26 target by November, facing tax revenue challenges.