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State fiscal deficit as a percent of GDP of India FY 2005-2021

For the financial year 2021, according to the budget estimate, the fiscal deficit for states as a percent of GDP was 2.7 percent. However, to overcome the crises caused by the COVID-19 pandemic, an economic package to the tune of 23 billion U.S. dollars was sanctioned. This led to a rise of 80 basis points. Thereby speculations rose related to an increase in the fiscal deficit, similar to what occurred during the 2008 financial crises.

State fiscal deficit as a percent of GDP of India from FY 2005 to 2019 with estimates from FY 2020 to FY 2021

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Release date

April 2020



Survey time period

FY 2005 to FY 2019

Supplementary notes

*Revised estimate.
**Budget estimate.
Note: India's financial year begins in April and ends in March. For example, FY 2016 started in April 2015 and ended in March 2016.

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