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India's fiscal deficit widened to INR 11.7 trillion in April-January 2024-25, up from INR 11.0 trillion in the same period last year, reaching 74.5% of the government's full-year target, compared to 63.6% a year earlier. Total expenditure rose 6.4% to INR 35.7 trillion, or 75.7% of the annual target, with capital spending, primarily on infrastructure, at 74.4% of its goal. Meanwhile, receipts grew 6.6% to INR 24.0 trillion, or 76.3% of the target, while net tax revenues edged up 1.3% year-on-year to INR 19.04 trillion. In its recent budget, India lowered its fiscal deficit target to 4.8% of GDP for the current financial year, aiming to reduce it further to 4.4% in 2025-26. The government also announced plans to shift its key fiscal benchmark to the debt-to-GDP ratio from 2026-27, targeting a reduction from 57% to 50% by March 2031.