New Delhi, March 10 The fiscal deficit as a percentage of GDP for the three financial years up to 2024-25 has been revised upwards following the revision in the base year for calculating GDP, the government informed Parliament on Tuesday.
According to the new GDP series published on February 27, the fiscal deficit as a percentage of GDP is 4.9 per cent for 2024-25, 5.7 per cent for 2023-24, and 6.7 per cent for 2022-23, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Rajya Sabha.
The fiscal deficit was previously estimated at 4.8 per cent for FY'25, 5.63 per cent for FY'24, and 6.4 per cent for FY'23.
In absolute terms, the fiscal deficit stood at Rs 15.74 lakh crore in FY'25, Rs 16.55 lakh crore in FY'24, and Rs 17.38 lakh crore in FY'23.
On February 27, 2026, the government released the new series of Gross Domestic Product (GDP) estimates with 2022-23 as the base year, replacing the previous series with a base year of 2011–12.
With the new 2022-23 base, the Nominal GDP or GDP at Current Prices is estimated at Rs 318.07 lakh crore in 2024-25 and Rs 289.84 lakh crore for 2023-24.
Fiscal deficit is the difference between the government's total expenditure and its total receipts, excluding borrowing.