India's fiscal deficit reached 62.3% of the full-year target by the end of November 2025, totaling Rs 9.77 lakh crore. This widening from 52.5% last year is attributed to a significant 28% increase in capital expenditure, while tax revenues lagged by 3.4%. Non-tax revenues, however, saw a substantial rise, partly due to higher dividends. Total expenditure increased, but revenue growth was slower than anticipated, impacting the overall fiscal gap.