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Fiscal snapshot: Centre’s deficit at 52.6% of FY26 target by October; receipts, state transfers rise – The Times of India
The central government’s fiscal deficit stood at 52.6% of the full-year target at the end of October 2025, data released by the Controller General of Accounts (CGA) on Friday showed. In the same period last year, the deficit was 46.5% of the 2024-25 Budget Estimates (BE).In absolute terms, the fiscal deficit – the gap between the government’s expenditure and revenue — touched Rs 8,25,144 crore in the April–October period of 2025-26. For the full year, the Centre has pegged the deficit at 4.4% of GDP, or Rs 15.69 lakh crore.According to the CGA, the government received Rs 18 lakh crore up to October, amounting to 51.5% of the BE for 2025-26. This included Rs 12.74 lakh crore of net tax revenue, Rs 4.89 lakh crore of non-tax revenue and Rs 37,095 crore of non-debt capital receipts.Tax devolution to states surged, with Rs 8,34,957 crore transferred between April and October — Rs 1,11,981 crore more than in the corresponding period last year.Total expenditure stood at Rs 26.25 lakh crore, or 51.8% of the annual estimate. Of this, Rs 20 lakh crore was revenue spending and Rs 6.17 lakh crore was capital expenditure.Within revenue expenditure, Rs 6.73 lakh crore went towards interest payments while Rs 2.46 lakh crore was spent on major subsidies, the CGA data showed.
New European border rules have caused delays at airports across the continent, affecting flights.
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A view shows a second-generation R1S at electric auto maker Rivian’s manufacturing facility in Normal, Illinois, on June 21, 2024.
Joel Angel Juarez | Reuters
A tornado damaged part of Rivian Automotive‘s factory in central Illinois over the weekend, according to a message sent to employees Sunday night by CEO RJ Scaringe that was viewed by CNBC.
The tornado touched down on the plant, Scarigne said. That area was being used for parts storage and logistics for Rivian’s upcoming R2, which is a crucial product for the company that’s expected to be on sale this spring.
Scaringe said operations in the damaged area are expected to resume this week, while other major portions of the plant, such as its assembly lines, are operating as planned. No injuries have been reported as a result of the incident, according to a company spokeswoman.
“While Building 2 has sustained damage and is closed for the time being as we complete our assessments, I am incredibly relieved to share that there were no injuries at our plant,” Scaringe said in his message to employees.
Scaringe said the company would “share more information as it becomes available, but for now, our priority is ensuring our Normal [Illinois] team is safe and supported.”
Apparent photos posted online of the aftermath, which was first reported by TechCrunch, showed damage to the roof and at least one wall of the recently constructed building.
The National Weather Service reports the factory was hit amid a “significant tornado outbreak” that occurred Friday across the upper Midwest. Confirmed tornadoes near the factory Friday night were classified as EF1, with estimated peak winds of 100 mph, according to NWS.
Businesses can apply online through a portal for refunds expected to total $160bn.
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