| Foreword |
| List of Abbreviations |
| Chapter I: Overview |
| Chapter II: Fiscal Position of the State Governments |
| 1. Introduction |
| 2. Key Fiscal Indicators |
| 3. Receipts |
| 4. Expenditure |
| 5. Actual Outcome in 2022-23 So Far and Outlook |
| 6. Financing of GFD and Market Borrowing by State Governments and UTs |
| 7. Outstanding Liabilities |
| 8. Conclusion |
| Annex I: Fiscal Position of 31 States and UTs |
| Annex II: Fiscal Reform by States |
| Chapter III: Capital Formation in India - The Role of States |
| 1. Introduction |
| 2. Capital Expenditure by States |
| 3. Human Capital Formation: Spending on Education and Health |
| 4. Investment in Infrastructure |
| 5. Policy Incentives and Governance Reforms by States |
| 6. Spillover Effects of State Capex |
| 7. Conclusions |
| Chapter IV: The Way Forward |
| References |
| Explanatory Note on Data Sources and Methodology |
| e-STATES Database |
| LIST OF BOXES |
| II.1 States’ Fiscal Marksmanship |
| II.2 Goods and Services Tax (GST) - Performance so far and the Road Ahead |
| III.1 A Composite Index of Quality of Expenditure of States |
| III.2 Capex and Productivity Growth – A State-level and Sectoral Analysis |
| LIST OF TABLES |
| II.1 Major Deficit Indicators - All States and Union Territories with Legislature |
| II.2 Deficit Indicators - State-wise |
| II.3 Aggregate Receipts of State Governments and UTs |
| II.4 Expenditure Pattern of State Governments and UTs |
| II.5 Market Borrowings of State Governments |
| II.6 Maturity Profile of Outstanding State Government Securities |
| II.7 Investment in CSF/GRF by States and UTs |
| II.8 Outstanding Liabilities of State Governments and UTs |
| II.9 Composition of Outstanding Liabilities of State Governments and UTs |
| II.10 Guarantees issued by State Governments |
| III.1 Some Recent Innovative Policy Initiatives Undertaken by the States |
| LIST OF CHARTS |
| II.1 Key Fiscal Indicators |
| II.2 Increment in 2022-23 (BE) vis-à-vis 2021-22 (RE) |
| II.3 Committed Expenditure |
| II.4 Social Sector Expenditure |
| II.5 Trends in Revenue Receipts of the States during April-October |
| II.6 Growth in Expenditure of States during April-October |
| II.7 States’ Gross Market Borrowings |
| II.8 State-wise Net Market Borrowing |
| II.9 SGSs – Maturity and Yield Spread |
| II.10 Debt and Interest Burden |
| III.1 Capital Formation in India and World |
| III.2 Capital Outlay - Centre vis-à-vis States |
| III.3 Quality of Expenditure: Pre-and Post-Covid-19 |
| III.4 Deviation from Budget Estimates: Revenue vs Capital Expenditure |
| III.5 State-wise Capex Cut |
| III.6 States’ Capital Outlay - Monthly |
| III.7 Capital Outlay - State-wise |
| III.8 Composition of States’ Capex |
| III.9 Social Sector Capex of States – Health and Education |
| III.10 Capital Outlay on Infrastructure by States |
| III.11 FDI Flows to India |
| III.12 Ease of Doing Business - State-wise Improvement |
| III.13 India Innovation Index 2021 |
| III.14 LEADS 2022 Grading of States |
| III.15 Spillover Effect of Capital Outlay |
| III.16a Impulse Response Function: Response of Per Capita GSDP to Per Capita Own Capital Outlay and Per Capita Capital Outlay by Other States |
| III.16b Cumulative Impulse Response Function: Cumulative Response of Per Capita GSDP to Per Capita Own Capital Outlay and Per Capita Capital Outlay by Other States |
| LIST OF APPENDIX TABLES FOR STATES’ BUDGETS 2022-23 |
| 1. Major Deficit Indicators of State Governments |
| 2. Devolution and Transfer of Resources from the Centre |
| 3. Development and Non-Development Expenditure: Aggregate |
| 4. Development Expenditure - Major Heads |
| 5. Non-Development Expenditure - Major Heads |
| 6. Development and Non-Development Expenditure |
| 7. Composition of Social Sector Expenditure |
| 8. Decomposition of Gross Fiscal Deficit |
| 9. Financing of Gross Fiscal Deficit |
| 10. Financing of Gross Fiscal Deficit - As Per cent of Total |
| 11. Composition of Outstanding Liabilities of State Governments and UTs |
| 12. Composition of Outstanding Liabilities of State Governments and UTs - As Proportion to Total |
| 13. State Government Market Borrowings |
| LIST OF STATEMENTS AND APPENDICES FOR STATES’ BUDGETS 2022-23 |
| LIST OF STATEMENTS |
| 1. Major Fiscal Indicators |
| 2. Revenue Deficit/Surplus |
| 3. Gross Fiscal Deficit/Surplus |
| 4. Decomposition of Gross Fiscal Deficit |
| 5. Financing of Gross Fiscal Deficit – 2020-21 (Accounts) |
| 6. Financing of Gross Fiscal Deficit – As per cent of Total – 2020-21 (Accounts) |
| 7. Financing of Gross Fiscal Deficit – 2021-22 (RE) |
| 8. Financing of Gross Fiscal Deficit – As per cent of Total – 2021-22 (RE) |
| 9. Financing of Gross Fiscal Deficit – 2022-23 (BE) |
| 10. Financing of Gross Fiscal Deficit – As per cent of Total – 2022-23 (BE) |
| 11. Development Expenditure |
| 12. Non-Development Expenditure |
| 13. Interest Payments |
| 14. Tax Revenue |
| 15. Non-Tax Revenue |
| 16. Loans from the Centre |
| 17. Devolution and Transfer of Resources from the Centre |
| 18. Composition of Outstanding Liabilities |
| 19. Total Outstanding Liabilities of State Governments |
| 20. Total Outstanding Liabilities - As per cent of GSDP |
| 21. Market Borrowings of State Governments |
| 22. State Government Market Loans |
| 23. Maturity Profile of Outstanding State Government Securities |
| 24. Maturity Profile of Outstanding State Government Securities - As per cent of Total |
| 25. Investment Outstanding in Treasury Bills |
| 26. Expenditure on Education - As per cent of Aggregate Expenditure |
| 27. Expenditure on Medical and Public Health and Family Welfare - As per cent of Aggregate Expenditure |
| 28. Outstanding Guarantees of State Governments |
| 29. Expenditure on Wages and Salaries |
| 30. Expenditure on Operations and Maintenance |
| 31. Social Sector Expenditure |
| 32. Social Sector Expenditure as per cent of Total Disbursement |
| 33. Revenue Receipts of State Governments and UTs |
| 34. Revenue Expenditure of State Governments and UTs |
| 35. Development Expenditure: Select Indicators |
| 36. Subsidies |
| 37. States' Expenditure on Medical and Public Health, Family Welfare and Water Supply and Sanitation |
| APPENDICES |
| I. Revenue Receipts of States and Union Territories with Legislature |
| II. Revenue Expenditure of States and Union Territories with Legislature |
| III. Capital Receipts of States and Union Territories with Legislature |
| IV. Capital Expenditure of States and Union Territories with Legislature |
| NOTE TO APPENDICES |