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The essentials

This brief sets the Centre's capital Budget Estimates against its expenditure for 2022-23 to 2025-26, using later Budget at a Glance Actuals and the CGA's provisional accounts for 2025-26. It compares the fiscal deficit for April to September 2026 with the same months of 2025. It also sets the September 2026 deficit, as a share of that year's Budget Estimate, beside the five Septembers from 2021 to 2025.

01 / The evidence

Four years of capital-budget shortfalls

The Centre left Rs 1,73,116 crore unspent in its capital Budgets, which cover 2022-23 to 2025-26. Expenditure fell short in every one of those years, while the 2025-26 outturn remains provisional. The three earlier outturns come from later Budget volumes, where they are labelled Actuals. The final outturn comes from the Controller General of Accounts (CGA), which marks March 2026 expenditure as provisional. The amounts are in nominal rupees, and capital expenditure includes lending. The annual gaps measure the capital Budget that went unspent.

Each annual gap is the Budget Estimate minus expenditure, with both figures taken on the same capital-account measure.

Four years of capital-budget shortfallsRupees crore020,00040,00060,00080,0002022-23: 10,22110,2212022-232023-24: 51,76651,7662023-242024-25: 59,15859,1582024-252025-26: 51,97151,9712025-26
Rupees crore
Four years of capital-budget shortfalls020,00040,00060,00080,00010,2212022-2351,7662023-2459,1582024-2551,9712025-26
Each bar is the capital Budget that went unspent in one year, in nominal rupees crore. The 2022-23 to 2024-25 bars use later Budget Actuals, and the 2025-26 bar uses the CGA's unaudited provisional accounts.
2025-26: 51971.0
Download data (CSV) Chart image

Source: Ministry of Finance, Budget at a Glance 2023-24, page 1 ; Ministry of Finance, Budget at a Glance 2024-25, page 1 ; Ministry of Finance, Budget at a Glance 2025-26, page 1 ; Ministry of Finance, Budget at a Glance 2026-27, page 1 . Each observation's dated source is linked in its CSV row.

View the figures in a table
Four years of capital-budget shortfalls
ObservationValueOfficial source
2022-2310221.0worked out from Budget at a Glance 2023-24
2023-2451766.0worked out from Budget at a Glance 2024-25
2024-2559158.0worked out from Budget at a Glance 2025-26
2025-2651971.0worked out from Budget at a Glance 2026-27
02 / The evidence

A larger deficit by September

The Centre's fiscal deficit reached Rs 7,14,413 crore in April to September 2026, while the same months of 2025 had recorded Rs 5,73,123 crore. The increase was Rs 1,41,290 crore, or 24.7 per cent. Both cumulative amounts are nominal, and the accounts remain unaudited provisional. Fiscal deficit measures how far expenditure exceeds non-debt receipts. The accounts depend on when those flows occur, and timing differences can offset before the financial year ends.

A larger deficit by SeptemberRupees crore02,00,0004,00,0006,00,0008,00,000April to September 2025: 5,73,1235,73,123April to September 2025April to September 2026: 7,14,4137,14,413April to September 2026
Rupees crore
A larger deficit by September02,00,0004,00,0006,00,0008,00,0005,73,123April to September20257,14,413April to September2026
Each bar is the Centre's fiscal deficit for April to September, in nominal rupees crore. Both are unaudited provisional accounts.
April to September 2026: 714413.0
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Source: CGA, Accounts at a Glance, September 2025 ; CGA, Accounts at a Glance, September 2026 . Each observation's dated source is linked in its CSV row.

View the figures in a table
A larger deficit by September
ObservationValueOfficial source
April to September 2025573123.0Controller General of Accounts, Union Government Accounts at a Glance
April to September 2026714413.0Controller General of Accounts, Union Government Accounts at a Glance
03 / The evidence

The September share of the annual Budget

The September 2026 share was 42.1 per cent, which was the highest among these six observations. These observations cover September 2021 to September 2026, and each uses its own annual Budget Estimate. No other observation shared that maximum. The longer September history contains higher shares.

The September share of the annual BudgetPer cent0204060Sep 2021: 35.035.0Sep 2021Sep 2022: 37.337.3Sep 2022Sep 2023: 39.339.3Sep 2023Sep 2024: 29.429.4Sep 2024Sep 2025: 36.536.5Sep 2025Sep 2026: 42.142.1Sep 2026
Per cent
The September share of the annual Budget020406035.0Sep202137.3Sep202239.3Sep202329.4Sep202436.5Sep202542.1Sep2026
Each bar is the fiscal deficit for April to September as a share of that year's own annual Budget Estimate, from September 2021 to September 2026. The longer September history contains higher shares.
Sep 2026: 42.1
Download data (CSV) Chart image

Source: CGA, Accounts at a Glance, September 2021 ; CGA, Accounts at a Glance, September 2022 ; CGA, Accounts at a Glance, September 2023 ; CGA, Accounts at a Glance, September 2024 ; CGA, Accounts at a Glance, September 2025 ; CGA, Accounts at a Glance, September 2026 . Each observation's dated source is linked in its CSV row.

View the figures in a table
The September share of the annual Budget
ObservationValueOfficial source
Sep 202135.0Controller General of Accounts, Union Government Accounts at a Glance
Sep 202237.3Controller General of Accounts, Union Government Accounts at a Glance
Sep 202339.3Controller General of Accounts, Union Government Accounts at a Glance
Sep 202429.4Controller General of Accounts, Union Government Accounts at a Glance
Sep 202536.5Controller General of Accounts, Union Government Accounts at a Glance
Sep 202642.1Controller General of Accounts, Union Government Accounts at a Glance

A monthly share of the Budget cannot establish the annual deficit, because receipts and expenditure can fall at different times. The CGA explains that limitation in its own words:

Fiscal deficit figure shown in monthly accounts during a financial year is not necessarily an indicator of fiscal deficit for the year as it gets impacted by temporal mismatch between flow of non-debt receipts and expenditure up to that month on account of various transitional factors both on receipt and expenditure side, which may get substantially offset by the end of the financial year.

The complete text

The full public report

Four years of capital-budget shortfalls: Rs 1,73,116 crore

September 2026 accounts | Prepared 31 October 2026

The Centre left Rs 1,73,116 crore unspent in its capital Budgets, which cover 2022-23 to 2025-26. Expenditure fell short in every one of those years, while the 2025-26 outturn remains provisional.12345

Contents

  • Four annual gaps in capital spending
  • A larger deficit by September
  • The September share of the annual Budget
  • Sources and calculation basis

Four annual gaps in capital spending

The annual gap subtracts expenditure from its Budget Estimate, where both figures use the same capital-account measure.12345

Financial year Budget Estimate, Rs crore Expenditure, Rs crore Unspent, Rs crore Expenditure status
2022-23 7,50,2461 7,40,0252 10,22112 Later Budget Actuals
2023-24 10,00,9612 9,49,1953 51,76623 Later Budget Actuals
2024-25 11,11,1113 10,51,9534 59,15834 Later Budget Actuals
2025-26 11,21,0904 10,69,1195 51,97145 CGA unaudited provisional
Four-year total 1,73,11612345 Includes provisional 2025-26

The three earlier outturns come from later Budget volumes, where they are labelled Actuals. The final outturn comes from the Controller General of Accounts (CGA), which marks March 2026 expenditure as provisional. The amounts are in nominal rupees, and capital expenditure includes lending. The annual gaps measure the capital Budget that went unspent.12345

A larger deficit by September

The Centre's fiscal deficit reached Rs 7,14,413 crore in April to September 2026, while the same months of 2025 had recorded Rs 5,73,123 crore. The increase was Rs 1,41,290 crore, or 24.7 per cent. Both cumulative amounts are nominal, and the accounts remain unaudited provisional.67

Period Fiscal deficit, Rs crore Status
April to September 2025 5,73,1236 Unaudited provisional
April to September 2026 7,14,4137 Unaudited provisional
Year-on-year increase 1,41,290; 24.7%67 Calculated from the two monthly accounts

Fiscal deficit measures how far expenditure exceeds non-debt receipts. The accounts depend on when those flows occur, and timing differences can offset before the financial year ends.7

The September share of the annual Budget

The September 2026 share was 42.1 per cent, which was the highest among these six observations. These observations cover September 2021 to September 2026, and each uses its own annual Budget Estimate. No other observation shared that maximum.67891011

September observation Financial year Fiscal deficit as a share of its own annual Budget Estimate
2021 2021-22 35.0%8
2022 2022-23 37.3%9
2023 2023-24 39.3%10
2024 2024-25 29.4%11
2025 2025-26 36.5%6
2026 2026-27 42.1%7

The longer September history contains higher shares.712131415

A monthly Budget share cannot establish the annual deficit, because receipts and expenditure can be timed differently. The CGA explains that limitation in its own words:7

Fiscal deficit figure shown in monthly accounts during a financial year is not necessarily an indicator of fiscal deficit for the year as it gets impacted by temporal mismatch between flow of non-debt receipts and expenditure up to that month on account of various transitional factors both on receipt and expenditure side, which may get substantially offset by the end of the financial year.7

Sources and calculation basis

Each annual shortfall subtracts expenditure from its Budget Estimate, and the total adds those four gaps. The earlier Budget Actuals retain their status, while the final account remains provisional. The September change subtracts the earlier amount from the later one, and its growth rate uses April to September 2025 as the base.1234567

The four-year comparison records repeated shortfalls, which left part of each annual capital Budget unspent.12345

  1. The Ministry of Finance reports its 2023-24 Budget. Its Budget at a Glance 2023-24 gives the 2022-23 Budget Estimate, which appears under On Capital Account. Read Summary line 13 on printed page 1, which is PDF page 5.

  2. The Ministry of Finance reports its 2024-25 Budget. Its Budget at a Glance 2024-25 gives 2022-23 Actuals and the 2023-24 Budget Estimate, where both appear on the On Capital Account line. Read Summary line 13 on printed page 1, which is PDF page 3.

  3. The Ministry of Finance reports its 2025-26 Budget. Its Budget at a Glance 2025-26 gives 2023-24 Actuals and the 2024-25 Budget Estimate, where both appear on the On Capital Account line. Read Summary line 13 on printed page 1, which is PDF page 3.

  4. The Ministry of Finance reports its 2026-27 Budget. Its Budget at a Glance 2026-27 gives 2024-25 Actuals and the 2025-26 Budget Estimate, where both appear on the On Capital Account line. Read Summary line 13 on printed page 1, which is PDF page 5.

  5. The Controller General of Accounts publishes March 2026 accounts. Its CGA Union Government Accounts at a Glance, March 2026 gives Capital Expenditure, which appears on line 10. The 2025-26 actuals remain unaudited provisional figures.

  6. The Controller General of Accounts publishes September 2025 accounts. Its CGA Union Government Accounts at a Glance, September 2025 gives Fiscal Deficit, which appears on line 13. The current percentage uses the year's own Budget Estimate. These actuals remain unaudited provisional figures.

  7. The Controller General of Accounts publishes September 2026 accounts. Its CGA Union Government Accounts at a Glance, September 2026 gives Fiscal Deficit, which appears on line 13. The current percentage uses the year's own Budget Estimate. These actuals remain unaudited provisional figures. The note explains how monthly timing can change.

  8. The Controller General of Accounts publishes September 2021 accounts. Its CGA Union Government Accounts at a Glance, September 2021 gives Fiscal Deficit, which appears on line 13. The current percentage uses the year's own Budget Estimate. These actuals remain unaudited provisional figures.

  9. The Controller General of Accounts publishes September 2022 accounts. Its CGA Union Government Accounts at a Glance, September 2022 gives Fiscal Deficit, which appears on line 13. The current percentage uses the year's own Budget Estimate. These actuals remain unaudited provisional figures.

  10. The Controller General of Accounts publishes September 2023 accounts. Its CGA Union Government Accounts at a Glance, September 2023 gives Fiscal Deficit, which appears on line 13. The current percentage uses the year's own Budget Estimate. These actuals remain unaudited provisional figures.

  11. The Controller General of Accounts publishes September 2024 accounts. Its CGA Union Government Accounts at a Glance, September 2024 gives Fiscal Deficit, which appears on line 13. The current percentage uses the year's own Budget Estimate. These actuals remain unaudited provisional figures.

  12. The Controller General of Accounts publishes September 2017 accounts. Its CGA Union Government Accounts at a Glance, September 2017 supplies the earlier comparison, which appears on line 13. The current share uses that year's annual Budget Estimate.

  13. The Controller General of Accounts publishes September 2018 accounts. Its CGA Union Government Accounts at a Glance, September 2018 supplies the earlier comparison, which appears on line 13. The current share uses that year's annual Budget Estimate.

  14. The Controller General of Accounts publishes September 2019 accounts. Its CGA Union Government Accounts at a Glance, September 2019 supplies the earlier comparison, which appears on line 13. The current share uses that year's annual Budget Estimate.

  15. The Controller General of Accounts publishes September 2020 accounts. Its CGA Union Government Accounts at a Glance, September 2020 supplies the earlier comparison, which appears on line 13. The current share uses that year's annual Budget Estimate.

Terms, explained

Budget Estimate
The figure the Budget sets for the year when it is presented to Parliament.
Actuals
What was spent in a year, as a later Budget at a Glance prints it under that label.
Controller General of Accounts
The Controller General of Accounts (CGA) publishes the Union Government's accounts each month.
Provisional accounts
The CGA marks its accounts as unaudited provisional figures, so they can still change.
Capital expenditure
Spending on the capital account, which includes lending. The amounts in this brief are in nominal rupees.
Fiscal deficit
Fiscal deficit measures how far expenditure exceeds non-debt receipts.
Keep the evidence

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Sources & method

  1. Ministry of Finance, Budget at a Glance 2018-19, page 1 .
  2. Ministry of Finance, Budget at a Glance 2019-20, page 1 .
  3. Ministry of Finance, Budget at a Glance 2020-21, page 1 .
  4. Ministry of Finance, Budget at a Glance 2021-22, page 1 .
  5. Ministry of Finance, Budget at a Glance 2022-23, page 1 .
  6. Ministry of Finance, Budget at a Glance 2023-24, page 1 .
  7. Ministry of Finance, Budget at a Glance 2024-25, page 1 .
  8. Ministry of Finance, Budget at a Glance 2025-26, page 1 .
  9. Ministry of Finance, Budget at a Glance 2026-27, page 1 .
  10. CGA, provisional accounts of 2025-26 .
  11. CGA, Accounts at a Glance, September 2021 .
  12. CGA, Accounts at a Glance, September 2022 .
  13. CGA, Accounts at a Glance, September 2023 .
  14. CGA, Accounts at a Glance, September 2024 .
  15. CGA, Accounts at a Glance, September 2025 .
  16. CGA, Accounts at a Glance, September 2026 .
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