Monthly Review of Accounts of Union Government of India upto the month of February 2026 (FY 2025-26)

1. At a Glance

• Monthly Accounts are consolidated statements of receipts & expenditure of the Union Government, compiled by the Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance [S2][S3].
• Released ~monthly via PIB; the Feb 2026 review (released 30 Mar 2026) captures 11 months of FY 2025-26 against the Revised Estimates (RE) 2025-26 [S1].
• Tracks progress on fiscal deficit, tax buoyancy, capex push, and devolution to states — a high-yield current-affairs anchor for GS-III (Indian Economy).

2. Why in the News

• CGA published the 11-month (Apr 2025-Feb 2026) provisional accounts on 30 Mar 2026, showing receipts at 82.0% and expenditure at 81.5% of RE 2025-26 — indicating fiscal performance on track in the run-up to year-end [S1].

3. Background & Evolution

• CGA is the principal accounting adviser to the Government of India, established under Article 150 of the Constitution (form of accounts prescribed by President on CAG's advice) [S2].
• Monthly Accounts publication is a transparency practice operationalised under the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 disclosure regime.
• Comparisons shifted from Budget Estimates (BE) to Revised Estimates (RE) after the Union Budget 2026-27 (Feb 2026) revised the FY 2025-26 numbers.

4. Core Static Facts

11-month figures (Apr 2025-Feb 2026) [S1]: | Head | Amount (₹ crore) | % of RE 2025-26 | |---|---|---| | Total Receipts | 27,91,943 | 82.0% | | – Tax Revenue (Net to Centre) | 21,45,223 | — | | – Non-Tax Revenue | 5,81,173 | — | | – Non-Debt Capital Receipts | 65,547 | — | | Devolution to States | 12,66,369 | ₹85,837 cr higher YoY | | Total Expenditure | 40,44,592 | 81.5% | | – Revenue Account | 31,15,270 | — | | – Capital Account | 9,29,322 | — |

• Compiling body: O/o Controller General of Accounts (CGA), Department of Expenditure, M/o Finance [S2].
• Budget 2025-26 fiscal deficit target: 4.4% of GDP (vs 4.8% RE for FY 2024-25) [S4].
• Revenue deficit BE 2025-26: 1.5% of GDP [S4].

5. Multi-Dimensional Analysis

Economic - Tax revenue (net) of ₹21.45 lakh crore reflects buoyant direct tax + GST collections supporting the 4.4% fiscal deficit glide path [S1][S4]. - Capex of ₹9.29 lakh crore in 11 months signals continued public-investment-led growth model.

Federal / Cooperative Federalism - Devolution of ₹12.66 lakh crore under Article 270 (read with 15th Finance Commission's 41% share recommendation) — ₹85,837 cr higher YoY, boosting state fiscal space [S1].

Governance / Transparency - Monthly disclosure operationalises FRBM Act, 2003 transparency requirements; CGA's role flows from Article 150 [S2].

Administrative - 82% receipts and 81.5% expenditure realisation by month 11 (91.6% of fiscal year) suggests front-loaded spending discipline and no major March-end bunching risk on revenue side.

6. Recent Developments (last 12-18 months)

• 30 Mar 2026 — PIB release of Feb 2026 (11-month) Monthly Accounts [S1].
• 1 Feb 2025 — Union Budget 2025-26 presented; fiscal deficit BE 4.4% of GDP [S4].
• 1 Feb 2026 — Union Budget 2026-27 presented; RE for FY 2025-26 published (basis for current 82%/81.5% ratios) [S5].

7. Prelims Hooks

• Monthly Accounts of the Union Government are compiled and published by the Controller General of Accounts (CGA), not CAG [S2].
• CGA derives authority from Article 150 of the Constitution [S2].
• CGA is under Department of Expenditure, Ministry of Finance [S2].
• Total Receipts upto Feb 2026: ₹27,91,943 crore = 82.0% of RE 2025-26 [S1].
• Net Tax Revenue (to Centre) Apr 2025-Feb 2026: ₹21,45,223 crore [S1].
• Non-Tax Revenue Apr 2025-Feb 2026: ₹5,81,173 crore [S1].
• Non-Debt Capital Receipts: ₹65,547 crore [S1].
• Tax Devolution to States: ₹12,66,369 crore (₹85,837 cr higher YoY) [S1].
• Total Expenditure: ₹40,44,592 crore = 81.5% of RE 2025-26 [S1].
• Revenue Expenditure: ₹31,15,270 crore; Capital Expenditure: ₹9,29,322 crore [S1].
• Tax devolution to States is mandated under Article 270 read with Finance Commission (Article 280) recommendations.
• Fiscal Deficit target FY 2025-26 (BE): 4.4% of GDP [S4].
• FRBM Act enacted in 2003 governs fiscal disclosure norms.
• 15th Finance Commission award period: FY 2021-22 to FY 2025-26, vertical share = 41% of divisible pool.

8. Mains Relevance

• GS-III: Indian Economy — Government Budgeting; Mobilization of Resources; Fiscal Policy.
• GS-II: Polity — Functions of Finance Commission; Centre-State Financial Relations.
• Question stems: 1. "Critically examine the role of the Controller General of Accounts in ensuring fiscal transparency in India." (GS-II/III) 2. "Discuss how front-loaded capital expenditure by the Union Government supports growth while keeping the fiscal deficit on the glide path." (GS-III) 3. "Analyse the trends in tax devolution to States and its implications for cooperative federalism." (GS-II)

9. Related Topics to Study Next

• FRBM Act, 2003 & Escape Clause — statutory base for fiscal targets.
• 15th Finance Commission recommendations — devolution formula.
• Article 112 (Annual Financial Statement) — constitutional basis of Budget.
• CGA vs CAG — accounting vs audit distinction (frequent UPSC trap).
• GST Compensation & Cess — affects Centre-State receipts.
• Public Account, Consolidated Fund, Contingency Fund — Articles 266, 267.
• Capex-led growth model — relevance to NIP, Gati Shakti.
• Revised Estimates vs Budget Estimates vs Actuals — budget cycle stages.

10. Common Errors / Trap Areas

• Confusing CGA (Min of Finance, accounting) with CAG (constitutional auditor under Art. 148).
• Assuming devolution of ₹12.66 lakh crore is "expenditure" — it is a transfer from gross tax revenue before arriving at Net Tax Revenue to Centre.
• Mixing up BE vs RE denominators — Feb 2026 percentages are against RE 2025-26, not BE.
• Treating "Non-Debt Capital Receipts" as borrowings — they are disinvestment + loan recoveries, NOT market borrowings.
• Stating fiscal deficit number from monthly data — the headline 4.4% of GDP is a target, the realised figure is computed only at year-end.

11. Sources

• [S1] Monthly Review of Accounts of Union Government upto February 2026 — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2246952 — (tier 1)
• [S2] Controller General of Accounts — Home — https://cga.gov.in/ — (tier 1)
• [S3] CGA Monthly Report 2025-26 — https://cga.gov.in/MonthlyReport/Published/8/2025-2026.aspx — (tier 1)
• [S4] Summary of Union Budget 2025-26 — https://www.pib.gov.in/PressReleasePage.aspx?PRID=2098352 — (tier 1)
• [S5] PRS Union Budget 2026-27 Analysis — https://prsindia.org/files/budget/budget_parliament/2026/Union_Budget_Analysis-2026-27.pdf — (tier 1)