Overview : The Ministry of Finance has released the consolidated monthly accounts of the Union Government up to January 2026 for FY 2025‑26. The data show the progress of revenue collection and spending against the Revenue Estimate (RE) for the year. Key Developments (Jan 2026) Overall receipts stand at ₹27,08,654 crore , representing 79.5 % of the FY 2025‑26 RE. Tax collection (Net to Centre) reached ₹20,94,218 crore . Non‑tax receipts amounted to ₹5,57,307 crore . Non‑debt capital receipts were ₹57,129 crore . Devolution to states rose to ₹11,39,767 crore , an increase of ₹65,588 crore over the same period last year. Total expenditure recorded is ₹36,90,061 crore (74.3 % of RE), split between Revenue ( ₹28,47,780 crore ) and Capital ( ₹8,42,281 crore ) accounts. Within Revenue expenditure, ₹9,88,302 crore went to Interest Payments and ₹3,54,861 crore to Major Subsidies . Important Fiscal Facts Tax Revenue (Net to Centre) : ₹20,94,218 crore Non‑Tax Revenue : ₹5,57,307 crore Devolution of Share of Taxes : ₹11,39,767 crore Revenue vs. Capital expenditure ratio: roughly **3.4:1**. Interest outflow accounts for **≈34 %** of total revenue expenditure. UPSC Relevance Understanding the Union Budget’s performance is essential for GS‑3 (Economy) and GS‑2 (Polity) aspirants. The figures illustrate the fiscal space available for developmental programmes, the burden of debt servicing, and the impact of inter‑governmental transfers on state finances—topics frequently asked in budget‑related questions. The rise in Devolution of Share of Taxes signals a shift in centre‑state fiscal dynamics, a key point for questions on fiscal federalism. Way Forward Policymakers need to address the widening gap between receipts and outlays before the fiscal year ends. Potential measures include: Broadening the tax base and improving compliance to boost Tax Revenue . Rationalising Major Subsidies through targeted delivery and better monitoring. Exploring non‑debt capital avenues, such as asset monetisation, to reduce reliance on borrowing. Strengthening fiscal discipline at both centre and state levels to keep Interest Payments within sustainable limits. Continuous monitoring of these indicators will be crucial for achieving fiscal consolidation while sustaining growth, a core theme in UPSC’s economy and governance modules.