The Government of India has revised the fiscal deficit as a percentage of GDP for the last three financial years following the introduction of a new GDP base year. The updated figures were shared in Rajya Sabha by Pankaj Chaudhary in a written reply.
According to the revised calculations based on the new GDP series, the fiscal deficit stands at:
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4.9% of GDP for FY 2024–25
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5.7% of GDP for FY 2023–24
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6.7% of GDP for FY 2022–23
These figures are slightly higher than the earlier estimates.
Earlier Fiscal Deficit Estimates
Before the revision, the fiscal deficit ratios were estimated at:
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4.8% for FY 2024–25
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5.63% for FY 2023–24
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6.4% for FY 2022–23
The revision follows the adoption of a new methodology for calculating Gross Domestic Product.
Fiscal Deficit in Absolute Terms
In terms of absolute value, the fiscal deficit figures are:
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₹15.74 lakh crore in FY 2024–25
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₹16.55 lakh crore in FY 2023–24
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₹17.38 lakh crore in FY 2022–23
These figures represent the gap between the government’s expenditure and its revenue.
New GDP Base Year Introduced
On February 27, 2026, the government released a new GDP series with 2022–23 as the base year, replacing the earlier series that used 2011–12 as the base year.
Under the updated series:
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Nominal GDP for 2024–25 is estimated at ₹318.07 lakh crore
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Nominal GDP for 2023–24 is estimated at ₹289.84 lakh crore
Revising the base year helps reflect structural changes in the economy, updated consumption patterns, and improved data coverage.
What is Fiscal Deficit?
Fiscal deficit refers to the difference between the government’s total expenditure and its total receipts (excluding borrowings).
It indicates the amount the government needs to borrow to meet its spending commitments during a financial year.