Monthly Review of Accounts of Government of India upto December 2025 (FY 2025-26)

1. At a Glance

The Monthly Review of Accounts is a periodic disclosure by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance, comparing actuals against Budget Estimates (BE) — a key fiscal-marker document for UPSC GS-III. [S1]
The December 2025 release covers the first nine months (April–December 2025) of FY 2025-26 and is the basis for tracking adherence to the 4.4% fiscal-deficit/GDP target set in Union Budget 2025-26. [S1][S2]

30 January 2026: PIB published the consolidated CGA monthly accounts upto December 2025, showing receipts at 72.2% and expenditure at 66.7% of BE 2025-26. [S1]
Devolution to States is ₹1,37,014 crore higher than the corresponding period of FY 2024-25 — reignites the fiscal-federalism debate. [S1]

The CGA was set up in 1976 under Article 150 of the Constitution (form of accounts of the Union and States, on advice of CAG). [S1]
Monthly accounts have been published since the rationalisation of the Public Financial Management System (PFMS), with FY-by-FY tabular comparison since 2010s.
The data feeds into RBI's State of Economy bulletin and IMF Article IV consultations.

Parent body: Ministry of Finance → Department of Expenditure → CGA. [S1]
Constitutional anchors: Articles 112 (Annual Financial Statement), 150 (form of accounts), 266 (Consolidated Fund), 270 (devolution).
FRBM Act, 2003 mandates fiscal-deficit glide-path; BE 2025-26 fiscal deficit pegged at 4.4% of GDP. [S3]

Economic — Capex of ₹7.88 lakh crore in 9 months indicates front-loaded public capex push to crowd-in private investment; Revenue:Capital ratio ≈ 77:23. [S1]
Fiscal Federalism — Devolution share ₹10.38 lakh crore reflects the 15th Finance Commission's 41% vertical share of net divisible pool; YoY jump of ₹1.37 lakh crore tracks buoyant tax collections. [S1]
Administrative — Achievement of 72.2% of receipts vs 66.7% of expenditure signals a revenue-surplus tilt in pacing, easing Q4 borrowing pressure. [S1]
Governance / Transparency — Monthly disclosure under CGA is a global best practice (akin to IMF GFS standards); enhances market credibility for G-Sec / sovereign-bond inclusion in JPM and Bloomberg indices.
Social — ₹3.17 lakh crore on Major Subsidies (food, fertiliser, petroleum) signals continued welfare commitment despite consolidation. [S2]

Jan 2026: PIB publishes Dec-2025 monthly accounts. [S1]
Dec 2025: Nov-2025 monthly review released. [S4]
Feb 2025: Union Budget 2025-26 presented; fiscal deficit target 4.4% of GDP. [S3]
Feb 2026: Jan-2026 review subsequently published (PRID 2233567). [S4]

Monthly Accounts are released by the CGA, under Department of Expenditure (NOT Department of Economic Affairs). [S1]
Total Receipts upto Dec 2025: ₹25,25,156 crore (72.2% of BE). [S1]
Net Tax Revenue to Centre upto Dec 2025: ₹19,39,254 crore. [S1]
Non-Tax Revenue upto Dec 2025: ₹5,39,855 crore. [S1]
Non-Debt Capital Receipts upto Dec 2025: ₹46,047 crore. [S1]
Devolution to States upto Dec 2025: ₹10,38,164 crore, ₹1.37 lakh crore higher YoY. [S1]
Total Expenditure upto Dec 2025: ₹33,80,998 crore (66.7% of BE). [S1]
Capital Expenditure component: ₹7,87,935 crore. [S1]
Interest Payments upto Dec 2025: ₹9,11,059 crore. [S2]
Major Subsidies upto Dec 2025: ₹3,17,490 crore. [S2]
BE 2025-26 fiscal-deficit target: 4.4% of GDP. [S3]
Constitutional basis of CGA's account form: Article 150.
Vertical devolution share (15th FC, 2021-26): 41% of net divisible pool.
Receipts classification: Revenue Receipts (Tax + Non-Tax) and Capital Receipts (Debt + Non-Debt).

Paper: GS-III — Government Budgeting; Indian Economy; Mobilization of Resources. Secondary GS-II — Fiscal Federalism, Finance Commission.
Plausible stems: 1. "Capital expenditure has emerged as the principal lever of India's fiscal policy. Examine in light of the FY 2025-26 monthly accounts trends." (15 marks) 2. "Discuss the role of the Controller General of Accounts in ensuring fiscal transparency and federal fiscal balance." (10 marks) 3. "Evaluate whether the front-loading of tax devolution to States strengthens cooperative federalism." (15 marks)

Union Budget 2025-26 — provides the BE benchmarks against which monthly accounts are tracked. [S3]
FRBM Act, 2003 — sets the statutory deficit ceilings.
15th Finance Commission — defines vertical/horizontal devolution.
Public Financial Management System (PFMS) — IT backbone of monthly accounts.
Article 112 / 266 / 267 / 270 — constitutional fiscal architecture.
CAG vs CGA — accounting (CGA) vs audit (CAG) distinction.
RBI WMA & G-Sec borrowing calendar — financing of fiscal deficit.
GST Compensation cess and Centre-State settlement — devolution linkages.

CAG ≠ CGA: CAG (Art. 148) audits; CGA prepares accounts (Art. 150 advice). Frequent UPSC trap.
"Tax Revenue to Centre" is Net of devolution — Gross taxes are larger; aspirants confuse the two.
Non-Debt Capital Receipts include disinvestment + loan recoveries — not borrowings.
Fiscal deficit target 4.4% (BE 2025-26) vs 4.8% (RE 2024-25) — easy to swap years.
Monthly Review is by Ministry of Finance, not RBI or NITI Aayog.

[S1] Monthly Review of Accounts of Government of India upto December 2025 (FY 2025-26), PIB, 30 Jan 2026 — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2220852 — (tier: 1)
[S2] PIB search snippet citing Interest Payments ₹9,11,059 cr and Major Subsidies ₹3,17,490 cr (Dec-2025 monthly review) — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2220852&reg=3&lang=2 — (tier: 1)
[S3] Summary of Union Budget 2025-26 / Fiscal deficit 4.4% of GDP, PIB — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2221395 — (tier: 1)
[S4] Monthly Review of Accounts upto November 2025 / January 2026, PIB — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2210164 ; https://www.pib.gov.in/PressReleasePage.aspx?PRID=2233567 — (tier: 1)