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Non-tax revenue to help meet fiscal deficit goal
Hindustan Times Noida
|May 17, 2025
India is looking to maintain fiscal discipline backed by higher non-tax revenue, despite simmering global trade tensions and a potential spike in defence spending.
NEW DELHI:
The centre aims to achieve the fiscal deficit target of 4.4% of gross domestic product (GDP) in FY26 despite uncertainties, two people aware of the discussions said. India's fiscal deficit in FY25 stood at 4.8% of GDP under revised estimates.
The Union budget had set a non-tax revenue target of ₹5.83 lakh crore—₹47,738 crore from interest receipts, ₹3.25 lakh crore from dividends and profits comprising contributions from the central bank, state-run banks, central public sector enterprises (CPSEs), and ₹2.07 lakh crore from other non-tax sources.
"This reflects a calibrated fiscal strategy anchored in revenue strength rather than expenditure cuts," the first of the two people said on the condition of anonymity.
This story is from the May 17, 2025 edition of Hindustan Times Noida.
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