India's fiscal deficit more than doubled on year to Rs 2.8 lakh crore to hit around% of the annual target in the first quarter of 2025-26, with acceleration in capex and revenue expenditure while net tax receipts declined. In the first quarter of FY26, net tax revenues contracted by 1.7% to Rs 5.4 lakh crore, while non-tax revenues surged by 33% on year to Rs 3.73 lakh crore following the receipt of the higher-than-budgeted dividend from the Reserve Bank of India.

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