Delhi Budget Analysis 2025-26

The Chief Minister of Delhi, Ms. Rekha Gupta, presented the Budget for the state for the financial year 2025-26 on March 25, 2025.

Budget Highlights

Expenditure (excluding debt repayment) in 2025-26 is estimated to be Rs 95,358 crore, an increase of 48% from the revised estimates of 2024-25. In addition, debt of Rs 4,642 crore will be repaid by the state.
Receipts (excluding borrowings) for 2025-26 are estimated to be Rs 81,655 crore, an increase of 29% as compared to the revised estimates of 2024-25.
Revenue surplus in 2025-26 is estimated to be Rs 9,661 crore, which is 16% higher than the revised estimates of 2024-25 (Rs 8,314 crore).
Fiscal deficit for 2025-26 is estimated at Rs 13,703 crore, which is 799% higher than the revised estimates for 2024-25 (Rs 1,524 crore). In 2022- 23, Delhi reported a fiscal surplus (0.4% of GSDP).

Policy Highlights

Cash transfer to women: The Mahila Samridhi Yojana will be launched to provide financial assistance of Rs 2,500 per month to poor women of Delhi. Rs 5,100 crore has been allocated towards the scheme.
Health Insurance: The Ayushman Bharat scheme will be implemented in the state. Under the insurance component of the scheme, beneficiaries will receive an additional coverage of five lakh rupees over the existing coverage of the same amount. Rs 2,144 crore has been allocated towards Ayushman Bharat.
Traders: A Traders’ Welfare Board will be set up to identify and address problems faced by traders.
Enhanced social protection: Financial assistance to women in distress and persons with disabilities will be increased from Rs 2,500 to Rs 3,000 per month. Assistance to senior citizens will also be increased.
Cleaning Yamuna River: 40 decentralised sewage treatment plants will be set up to clean the Yamuna river, at a total cost of Rs 500 crore. Existing treatment plants will also be upgraded to improve operational capacity.
School education: Smart classrooms will be set up in 7,000 classrooms from classes 9 to 12. These will contain projectors, audio-visual aids and internet connectivity. Additionally, Rs 100 crore has been allocated for establishing 60 CM Shri schools, in line with PM Shri schools.

Delhi’s Economy

GSDP: In 2023-24, Delhi’s GSDP (at constant prices) is estimated to grow by 7.4% over the previous year. In comparison, India’s GDP is estimated to grow by 9.2% in 2023-24.
Sectors: In 2023-24, agriculture, manufacturing, and services sectors are estimated to contribute 2%, 13%, and 85% of Delhi’s economy, respectively (at current prices).
Per capita GSDP: In 2023-24, Delhi’s per capita GSDP (at current prices) is estimated to be Rs 5,12,131, an increase of 7% over 2022-23. In 2023-24, India’s per capita GDP is estimated to increase by 11% over 2022-23 to Rs 2,15,935.

Figure 1: Growth in Delhi’s GSDP at constant prices (2011-12)

Note: These numbers are as per constant prices (2011-12) which implies that the growth rate is adjusted for inflation.
Sources: MoSPI; PRS.

Budget Estimates for 2025-26

Total expenditure (excluding debt repayment) in 2025-26 is targeted at Rs 95,358 crore. This is an increase of 48% from the revised estimates of 2024-25. This expenditure is proposed to be met through receipts (excluding borrowings) of Rs 81,655 crore and net borrowings of Rs 10,738 crore. Total receipts for 2025-26 (other than borrowings) are expected to register an increase of 29% over the revised estimate of 2024-25 (Rs 63,062 crore).
Revenue surplus in 2025-26 is estimated to be Rs 9,661 crore, which is 16% higher than the revised estimates of 2024-25 (Rs 8,314 crore).
Fiscal deficit for 2025-26 is estimated at Rs 13,703 crore, which is 799% higher than the revised estimates for 2024-25 (Rs 1,524 crore).