State Finances : A Study of Budgets


Jan 23, 2026
State Finances: A Study of Budgets of 2025-26  PDF - State Finances: A Study of Budgets of 2025-26
Foreword  PDF - Foreword
Contents  PDF - Contents
List of Abbreviations  PDF - List of Abbreviations
Chapters
I. Overview  PDF - I. Overview
II. Fiscal Position of the State Governments  PDF - II. Fiscal Position of the State Governments
III. Demographic Transition in India – Implications for State Finances  PDF - III. Demographic Transition in India – Implications for State Finances
IV. The Way Forward  PDF - IV. The Way Forward
References  PDF - References
Explanatory Note on Data Sources and Methodology  PDF - Explanatory Note on Data Sources and Methodology
Appendix Tables: 2025-26
Appendix Table 1: Major Deficit Indicators of State Governments  PDF - Appendix Table 1: Major Deficit Indicators of State Governments
Appendix Table 2: Devolution and Transfer of Resources from the Centre  PDF - Appendix Table 2: Devolution and Transfer of Resources from the Centre
Appendix Table 3: Development and Non-Development Expenditure: Aggregate  PDF - Appendix Table 3: Development and Non-Development Expenditure: Aggregate
Appendix Table 4: Development Expenditure - Major Heads  PDF - Appendix Table 4: Development Expenditure - Major Heads
Appendix Table 5: Non-Development Expenditure - Major Heads  PDF - Appendix Table 5: Non-Development Expenditure - Major Heads
Appendix Table 6: Development and Non-Development Expenditure  PDF - Appendix Table 6: Development and Non-Development Expenditure
Appendix Table 7: Composition of Social Sector Expenditure  PDF - Appendix Table 7: Composition of Social Sector Expenditure
Appendix Table 8: Decomposition of Gross Fiscal Deficit  PDF - Appendix Table 8: Decomposition of Gross Fiscal Deficit
Appendix Table 9: Financing of Gross Fiscal Deficit  PDF - Appendix Table 9: Financing of Gross Fiscal Deficit
Appendix Table 10: Financing of Gross Fiscal Deficit - As per cent of Total  PDF - Appendix Table 10: Financing of Gross Fiscal Deficit - As per cent of Total
Appendix Table 11: Composition of Outstanding Liabilities of State Governments and Uts  PDF - Appendix Table 11: Composition of Outstanding Liabilities of State Governments and Uts
Appendix Table 12: Composition of Outstanding Liabilities of State Governments and UTs - As per cent of Total  PDF - Appendix Table 12: Composition of Outstanding Liabilities of State Governments and UTs - As per cent of Total
Appendix Table 13: State Government Market Borrowings  PDF - Appendix Table 13: State Government Market Borrowings
Statements: 2025-26
Statement 1: Major Fiscal Indicators  PDF - Statement 1: Major Fiscal Indicators
Statement 2: Revenue Deficit/Surplus  PDF - Statement 2: Revenue Deficit/Surplus
Statement 3: Gross Fiscal Deficit/Surplus  PDF - Statement 3: Gross Fiscal Deficit/Surplus
Statement 4: Decomposition of Gross Fiscal Deficit  PDF - Statement 4: Decomposition of Gross Fiscal Deficit
Statement 5: Financing of Gross Fiscal Deficit – 2023-24 (Accounts)  PDF - Statement 5: Financing of Gross Fiscal Deficit – 2023-24 (Accounts)
Statement 6: Financing of Gross Fiscal Deficit – As per cent of Total – 2023-24 (Accounts)  PDF - Statement 6: Financing of Gross Fiscal Deficit – As per cent of Total – 2023-24 (Accounts)
Statement 7: Financing of Gross Fiscal Deficit – 2024-25 (Revised Estimates)  PDF - Statement 7: Financing of Gross Fiscal Deficit – 2024-25 (Revised Estimates)
Statement 8: Financing of Gross Fiscal Deficit – As per cent of Total – 2024-25 (Revised Estimates)  PDF - Statement 8: Financing of Gross Fiscal Deficit – As per cent of Total – 2024-25 (Revised Estimates)
Statement 9: Financing of Gross Fiscal Deficit – 2025-26 (Budget Estimates)  PDF - Statement 9: Financing of Gross Fiscal Deficit – 2025-26 (Budget Estimates)
Statement 10: Financing of Gross Fiscal Deficit – As per cent of Total 2025-26 (Budget Estimates)  PDF - Statement 10: Financing of Gross Fiscal Deficit – As per cent of Total 2025-26 (Budget Estimates)
Statement 11: Development Expenditure  PDF - Statement 11: Development Expenditure
Statement 12: Non-Development Expenditure  PDF - Statement 12: Non-Development Expenditure
Statement 13: Interest Payments  PDF - Statement 13: Interest Payments
Statement 14: Tax Revenue  PDF - Statement 14: Tax Revenue
Statement 15: Non-Tax Revenue  PDF - Statement 15: Non-Tax Revenue
Statement 16: Loans from the Centre  PDF - Statement 16: Loans from the Centre
Statement 17: Devolution and Transfer of Resources from the Centre  PDF - Statement 17: Devolution and Transfer of Resources from the Centre
Statement 18: Composition of Outstanding Liabilities  PDF - Statement 18: Composition of Outstanding Liabilities
Statement 19: Total Outstanding Liabilities of State Governments  PDF - Statement 19: Total Outstanding Liabilities of State Governments
Statement 20: Total Outstanding Liabilities - As per cent of GSDP  PDF - Statement 20: Total Outstanding Liabilities - As per cent of GSDP
Statement 21: Market Borrowings of State Governments  PDF - Statement 21: Market Borrowings of State Governments
Statement 22: State Government Market Loans  PDF - Statement 22: State Government Market Loans
Statement 23: Maturity Profile of Outstanding State Government Securities  PDF - Statement 23: Maturity Profile of Outstanding State Government Securities
Statement 24: Maturity Profile of Outstanding State Government Securities - As per cent of Total  PDF - Statement 24: Maturity Profile of Outstanding State Government Securities - As per cent of Total
Statement 25: Investment Outstanding in Treasury Bills  PDF - Statement 25: Investment Outstanding in Treasury Bills
Statement 26: Expenditure on Education - As per cent of Aggregate Expenditure  PDF - Statement 26: Expenditure on Education - As per cent of Aggregate Expenditure
Statement 27: Expenditure on Medical and Public Health and Family Welfare - As per cent of Aggregate Expenditure  PDF - Statement 27: Expenditure on Medical and Public Health and Family Welfare - As per cent of Aggregate Expenditure
Statement 28: Outstanding Guarantees of State Governments  PDF - Statement 28: Outstanding Guarantees of State Governments
Statement 29: Expenditure on Wages and Salaries  PDF - Statement 29: Expenditure on Wages and Salaries
Statement 30: Expenditure on Operations and Maintenance  PDF - Statement 30: Expenditure on Operations and Maintenance
Statement 31: Social Sector Expenditure  PDF - Statement 31: Social Sector Expenditure
Statement 32: Social Sector Expenditure as per cent of Total Disbursement  PDF - Statement 32: Social Sector Expenditure as per cent of Total Disbursement
Statement 33: Revenue Receipts of State Governments and Uts  PDF - Statement 33: Revenue Receipts of State Governments and Uts
Statement 34: Revenue Expenditure of State Governments and Uts  PDF - Statement 34: Revenue Expenditure of State Governments and Uts
Statement 35: Development Expenditure: Select Indicators  PDF - Statement 35: Development Expenditure: Select Indicators
Statement 36: Subsidies  PDF - Statement 36: Subsidies
Statement 37: States’ Expenditure on Medical and Public Health, Family Welfare and Water Supply and Sanitation  PDF - Statement 37: States’ Expenditure on Medical and Public Health, Family Welfare and Water Supply and Sanitation
Appendices I to IV: 2025-26
Appendix I: Revenue Receipts of States and Union Territories with Legislature
States: Andhra Pradesh, Arunachal Pradesh, Assam, Bihar  PDF - States: Andhra Pradesh, Arunachal Pradesh, Assam, Bihar
States: Chhattisgarh, Goa, Gujarat, Haryana  PDF - States: Chhattisgarh, Goa, Gujarat, Haryana
States: Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka  PDF - States: Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka
States: Kerala, Madhya Pradesh, Maharashtra, Manipur  PDF - States: Kerala, Madhya Pradesh, Maharashtra, Manipur
States: Meghalaya, Mizoram, Nagaland, Odisha  PDF - States: Meghalaya, Mizoram, Nagaland, Odisha
States: Punjab, Rajasthan, Sikkim, Tamil Nadu  PDF - States: Punjab, Rajasthan, Sikkim, Tamil Nadu
States: Telangana, Tripura, Uttar Pradesh, Uttarakhand, West Bengal  PDF - States: Telangana, Tripura, Uttar Pradesh, Uttarakhand, West Bengal
States: Delhi, Puducherry, All States and UTs  PDF - States: Delhi, Puducherry, All States and UTs
Appendix II: Revenue Expenditure of States and Union Territories with Legislature
States: Andhra Pradesh, Arunachal Pradesh, Assam, Bihar  PDF - States: Andhra Pradesh, Arunachal Pradesh, Assam, Bihar
States: Chhattisgarh, Goa, Gujarat, Haryana  PDF - States: Chhattisgarh, Goa, Gujarat, Haryana
States: Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka  PDF - States: Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka
States: Kerala, Madhya Pradesh, Maharashtra, Manipur  PDF - States: Kerala, Madhya Pradesh, Maharashtra, Manipur
States: Meghalaya, Mizoram, Nagaland, Odisha  PDF - States: Meghalaya, Mizoram, Nagaland, Odisha
States: Punjab, Rajasthan, Sikkim, Tamil Nadu  PDF - States: Punjab, Rajasthan, Sikkim, Tamil Nadu
States: Telangana, Tripura, Uttarakhand, Uttar Pradesh, West Bengal  PDF - States: Telangana, Tripura, Uttarakhand, Uttar Pradesh, West Bengal
States: Delhi, Puducherry, All States and UTs  PDF - States: Delhi, Puducherry, All States and UTs
Appendix III: Capital Receipts of States and Union Territories with Legislature
States: Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Goa, Gujarat, Haryana  PDF - States: Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Goa, Gujarat, Haryana
States: Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur  PDF - States: Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur
States: Meghalaya, Mizoram, Nagaland, Odisha, Punjab, Rajasthan, Sikkim, Tamil Nadu  PDF - States: Meghalaya, Mizoram, Nagaland, Odisha, Punjab, Rajasthan, Sikkim, Tamil Nadu
States: Telangana, Tripura, Uttarakhand, Uttar Pradesh, West Bengal, Delhi, Puducherry, All States and UTs  PDF - States: Telangana, Tripura, Uttarakhand, Uttar Pradesh, West Bengal, Delhi, Puducherry, All States and UTs
Appendix IV: Capital Expenditure of States and Union Territories with Legislature
States: Andhra Pradesh and Arunachal Pradesh  PDF - States: Andhra Pradesh and Arunachal Pradesh
States: Assam and Bihar  PDF - States: Assam and Bihar
States: Chhattisgarh and Goa  PDF - States: Chhattisgarh and Goa
States: Gujarat and Haryana  PDF - States: Gujarat and Haryana
States: Himachal Pradesh and Jammu and Kashmir  PDF - States: Himachal Pradesh and Jammu and Kashmir
States: Jharkhand and Karnataka  PDF - States: Jharkhand and Karnataka
States: Kerala and Madhya Pradesh  PDF - States: Kerala and Madhya Pradesh
States: Maharashtra and Manipur  PDF - States: Maharashtra and Manipur
States: Meghalaya and Mizoram  PDF - States: Meghalaya and Mizoram
States: Nagaland and Odisha  PDF - States: Nagaland and Odisha
States: Punjab and Rajasthan  PDF - States: Punjab and Rajasthan
States: Sikkim and Tamil Nadu  PDF - States: Sikkim and Tamil Nadu
States: Telangana and Tripura  PDF - States: Telangana and Tripura
States: Uttarakhand and Uttar Pradesh  PDF - States: Uttarakhand and Uttar Pradesh
States: West Bengal  PDF - States: West Bengal
States: Delhi and Puducherry  PDF - States: Delhi and Puducherry
States: All States and UTs  PDF - States: All States and UTs
Notes to Appendices  PDF - Notes to Appendices