New Delhi, March 31 -- India's fiscal deficit for the April-February period of 2025-26 stood at Rs.12.5 lakh crore, or 80.4% of the revised estimates (RE), according to data released by the Controller General of Accounts (CGA) on Monday. The fiscal deficit for the year-ago period stood at Rs.13.4 lakh crore, accounting for 85.8% of the revised estimate for 2024-25. With a downward revision in nominal gross domestic product (GDP), the fiscal gap for 2025-26 is now expected to come in at around 4.5% of GDP, slightly higher than the revised estimate of 4.3%. The Centre's fiscal deficit, in actual terms, for 2024-25 was Rs.15.77 lakh crore, and for 2025-26, the target is Rs.15.58 lakh crore. The Centre's capital expenditure remained strong, growing 15% on-year, with utilization reaching Rs.9.3 lakh crore, or 79.7% of the revised estimates by February. "February data shows that the fiscal deficit is under control till this month. There is enough leg room on the expenditure side. Capex seems to be on course. There is still 20% of tax revenue to be collected. Any slippage can be covered by expenditure alignment. Also, war effects can slow down expenditure leading to meeting deficit targets," said Madan Sabnavis, chief economist, Bank of Baroda. Revenue expenditure accounted for 80.5% of revised estimates during the period, up 1% from a year ago. On the receipts front, net tax revenue rose 6% on-year and stood at 80.2% of the revised estimates. Non-tax revenue grew 18% on-year to 87% of RE, supported by healthy dividend inflows....