Consolidated Fund of India

The Consolidated Fund of India is the primary account of the Government of India, established under Article 266 of the Indian Constitution, into which all government revenues — including tax collections (income tax, GST, customs duty, excise duty), proceeds from government borrowings, and loan repayments received — are credited, and from which all government expenditures are met. No money can be withdrawn from the Consolidated Fund without the authority of Parliament — either through an appropriation bill (for planned expenditure) or a Vote on Account (for temporary emergency spending). The Consolidated Fund is distinct from the Contingency Fund of India (used for unforeseen urgent expenditure, requiring subsequent parliamentary ratification) and the Public Account of India (which holds funds received by the government as a trustee, such as provident fund collections). For Indian equity investors and macro analysts, the fiscal position of the Consolidated Fund — specifically the fiscal deficit, which measures the excess of expenditure over receipts — is a critical indicator of government borrowing requirements, bond market supply, and the trajectory of interest rates.