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PDF document (749 kb)
Date : Dec 11, 2023
Contents
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 2023-24 So Far and Outlook
6. Financing of GFD and Market Borrowings by State Governments and UTs
7. Outstanding Liabilities
8. Conclusion
Annex I.1: Deficit Indicators - State-wise
Annex I.2: States’ Expenditure on Research and Development (R&D)
Chapter III: Revenue Dynamics and Fiscal Capacity of Indian States
1. Introduction
2. Revenue Mobilisation Efforts and Current Fiscal Capacity of States
3. Inter-Governmental Transfers
4. Concluding Observations
Annex II.1: Recent Tax Reforms by States
Annex II.2: Recent Non-Tax Revenue Reforms by States
Chapter IV: The Way Forward
References
Explanatory Note on Data Sources and Methodology
e-STATES Database
LIST OF BOXES
II.1 Vertical Fiscal Imbalance in India - Changing Dynamics
II.2 States’ Own Tax Revenue Buoyancy - Forecasts versus Realisation
II.3 Streamlining Fund Transfers for Efficient Governance - Government’s Cash Management Reforms
III.1 Tax Capacity of Indian States
III.2 Harnessing Tax Capacity: Cross-Country Evidence
III.3 Power Distribution Reforms – The Current Status and Way Forward
LIST OF TABLES
II.1 Major Deficit Indicators - All States and Union Territories with Legislature
II.2 Aggregate Receipts of State Governments and UTs
II.3 Expenditure Pattern of State Governments and UTs
II.4 Market Borrowings of State Governments
II.5 Maturity Profile of Outstanding State Government Securities
II.6 Investment of Surplus Cash Balance of State Governments/UTs
II.7 Investment in CSF/GRF by States
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 SOTR as a proportion of Overall Tax Revenue
III.2 SONTR as a Proportion of Total Revenue
III.3 States' Share in the Divisible Pool of Central Taxes Recommended by Finance Commissions
III.4 Weights for Horizontal Devolution Prescribed by Various Finance Commissions
III.5 Collections from Major Cesses Levied by the Union Government
LIST OF CHARTS
II.1 Key Fiscal Indicators
II.2 States' GFD-GSDP Ratios and FRL Limit in 2023-24
II.3 Change in Own-Tax Revenue in 2021-22
II.4 Own Tax Revenue
II.5 Revenue Expenditure: Increment in 2021-22 over 2020-21
II.6 Social Sector and Committed Expenditure
II.7 Increment in Capital Outlays during 2021-22
II.8 Research and Development Expenditure - Component-wise
II.9 States’ Revenue Receipts during H1
II.10 States’ Revenue Expenditure during H1
II.11 Growth in Capital Outlay during H1
II.12 Gross Market Borrowings of States: Month-wise
II.13 Gross Market Borrowings of States: State-wise and Indicative Calendar
II.14 State-wise Net Market Borrowings
II.15 SGSs – Maturity and Yield Spread
II.16 States’ Outstanding Liabilities at end-March 2024 (BE)
II.17 Debt and Interest Burden
III.1 States’ Own Tax Revenue
III.2 Components of Own Tax Revenue of States
III.3 Buoyancy in SOTR and Growth in SGST
III.4 States’ Own Non-Tax Revenue
III.5 Components of States’ Own Non-Tax Revenue
III.6 Revenues from Economic Services
III.7 Revenues from Social Services
III.8 Share of Sub-national Governments as a Ratio of General Government
III.9 Composition of Fiscal Transfers to States
III.10 Share of Fiscal Transfers in Total Expenditure
III.11 Vertical Tax Devolution
III.12 Principles of Horizontal Distribution
III.13 Revenue Collection of Union Government from Cesses
III.14 Tax Devolution to States
III.15 Grants from the Centre to States
III.16 Year–wise Grants and Incentives–FC XV Recommendations
III.17 States’ Reliance on Central Transfers
LIST OF APPENDIX TABLES FOR STATES’ BUDGETS 2023-24
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 2023-24
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 – 2021-22 (Accounts)
6. Financing of Gross Fiscal Deficit – As per cent of Total – 2021-22 (Accounts)
7. Financing of Gross Fiscal Deficit – 2022-23 (RE)
8. Financing of Gross Fiscal Deficit – As per cent of Total – 2022-23 (RE)
9. Financing of Gross Fiscal Deficit – 2023-24 (BE)
10. Financing of Gross Fiscal Deficit – As per cent of Total – 2023-24 (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 Gross State Domestic Product
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 Percentage of Total
25. Investment Outstanding in Treasury Bills
26. Expenditure on Education - As Ratio to 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
NOTES TO APPENDICES

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