Fiscal surplus in May offsets April deficit for India

India’s fiscal position for the first two months of FY 2026-27 reflects a balanced mix of surplus and deficit. While April recorded a deficit of roughly ₹3.62 lakh crore, May reversed the trend with a surplus of ₹2 lakh crore. The combined April-May deficit stands at ₹1.624 lakh crore, or 9.6 percent of the full-year target. Tax receipts for the two-month window amounted to ₹5.25 lakh crore, demonstrating stable revenue inflows despite economic fluctuations.