Six months into the financial year 2025-26, Telangana’s financial health shows signs of slow growth. By September end, the state’s total revenue receipts stood at ₹1.22 lakh crore, which is only 42.87% of the ₹2.84 lakh crore planned in the budget. That’s less than half of what was hoped for. Tax revenue made up a large part of this, with ₹71,836 crore collected, about 40.97% of the ₹1.75 lakh crore expected for the full year. A big chunk of the revenue, ₹45,139 crore, came from borrowings and other liabilities — that’s more than one-third of all revenue in just six months! On the tax front, Telangana earned ₹25,411 crore from the Goods and Services Tax (GST) and ₹9,620 crore from state excise duties. Excise duties saw a sparkling jump by October end, thanks to a rush in liquor store license fees. Over ₹6,000 crore was scooped up here: close to ₹3,000 crore came from non-refundable fees for liquor shop licenses, and another ₹3,000 crore arrived as the first instalment of retail sales excise tax from successful license bidders. This loot certainly spices up the state’s income! The state’s share in Union Taxes also did well, with ₹8,927 crore collected out of the ₹18,384 crore budgeted, making up 48.56%. But not all is rosy. Non-tax revenue and grants dragged behind, bringing in only ₹3,107 crore (9.83%) and ₹1,996.77 crore (8.76%), respectively. Looking at spending, Telangana paid a hefty ₹14,370 crore in interest—74.19% of the budgeted ₹19,369 crore—with six months still left. Pension payments also took a big bite, with ₹9,277 crore spent, 70.77% of the ₹13,109 crore projected. Here’s where the numbers shock: Provisional figures shown to the Comptroller and Auditor General of India revealed a revenue deficit of ₹12,452 crore — while the budget had planned for a surplus of ₹2,738 crore! The fiscal deficit hit ₹45,139 crore in just half the year. Even more worrying, the primary deficit reached ₹30,768 crore by September end, almost 89% of the entire yearly forecast of ₹34,640 crore. This indicates Telangana is racing toward a much bigger deficit than planned. In short, Telangana's financial journey in 2025-26 so far is a rollercoaster ride — with slow revenue growth, an exciting boost from liquor licenses, but alarming gaps in spending and revenue that the state must tackle urgently.