Community story
Growth and borrowing
How fast India's economy has grown each year after inflation, beside how much the Union government borrows to cover the gap between its spending and income.
Two numbers come up in almost every budget speech: how fast the economy is growing, and how much the government is borrowing. This story shows both over the years so they can be read side by side.
Real GDP growth
Change on the year before, after inflation, by base year
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7.4 % · 2025-26
- 2011-12 base
- 2022-23 base
The data behind this chart
| Financial year | Real GDP growth, 2011-12 base (%) | Estimate, 2011-12 base | Real GDP growth, 2022-23 base (%) | Estimate, 2022-23 base |
|---|---|---|---|---|
| 2012-13 | 5.5 | TRE | — | — |
| 2013-14 | 6.4 | TRE | — | — |
| 2014-15 | 7.4 | TRE | — | — |
| 2015-16 | 8 | TRE | — | — |
| 2016-17 | 8.3 | TRE | — | — |
| 2017-18 | 6.8 | TRE | — | — |
| 2018-19 | 6.5 | TRE | — | — |
| 2019-20 | 3.9 | TRE | — | — |
| 2020-21 | -5.8 | TRE | — | — |
| 2021-22 | 9.7 | SRE | — | — |
| 2022-23 | 7.6 | SRE | — | — |
| 2023-24 | 9.2 | FRE | 7.324585 | RE |
| 2024-25 | 6.5 | PE | 7.193863 | RE |
| 2025-26 | 7.4 | FAE | 7.7 | PE |
Two base years, never joined
MoSPI publishes GDP on a 2011-12 base and, from the 2023-24 financial year, on a new 2022-23 base. The two series measure the economy in different ways, so they are shown as separate lines. A change from one line to the other is not a real change in growth.
Recent years are early estimates. MoSPI revises them as more data arrives, and every point says which estimate it is.
Fiscal deficit as a share of GDP
Union government, per cent of GDP
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4.4 % of GDP · 2025-26
- Actual
- Revised Estimate
- Budget Estimate
The data behind this chart
| Financial year | Actual (% of GDP) | Provisional Actual (% of GDP) | Revised Estimate (% of GDP) | Budget Estimate (% of GDP) |
|---|---|---|---|---|
| 2005-06 | 4.1 | — | — | — |
| 2006-07 | 3.5 | — | — | — |
| 2007-08 | 2.7 | — | — | — |
| 2008-09 | 6 | — | — | — |
| 2009-10 | 6.4 | — | — | — |
| 2010-11 | 4.9 | — | — | — |
| 2011-12 | 5.7 | — | — | — |
| 2012-13 | 4.8 | — | — | — |
| 2013-14 | 4.4 | — | — | — |
| 2014-15 | 4.1 | — | — | — |
| 2015-16 | 3.9 | — | — | — |
| 2016-17 | 3.5 | — | — | — |
| 2017-18 | 3.5 | — | — | — |
| 2018-19 | 3.4 | — | — | — |
| 2019-20 | 4.6 | — | — | — |
| 2020-21 | 9.2 | — | — | — |
| 2021-22 | 6.7 | — | — | — |
| 2022-23 | 6.4 | — | — | — |
| 2023-24 | 5.6 | — | — | — |
| 2024-25 | — | — | 4.8 | — |
| 2025-26 | — | — | — | 4.4 |
What the fiscal deficit is
The fiscal deficit is the gap between everything the Union government spends and everything it receives other than borrowing. It is shown as a share of GDP so that years of very different size can be compared.