| Foreword |
| List of Abbreviations |
| Chapter I: Overview |
| Chapter II: Fiscal Position of the State Governments |
| 1. Introduction |
| 2. Key Fiscal Indicators |
| 3. Fiscal Performance in 2019-20 (Accounts) |
| 4. Developments in 2020-21 (Revised Estimates and Provisional Accounts) |
| 5. Budget Estimates for 2021-22 |
| 6. Expenditure Plans by States in 2021-22 |
| 7. Role of Finance Commission Transfers |
| 8. Financing of GFD and Market Borrowings by State Governments |
| 9. Outstanding Liabilities |
| 10. Conclusion |
| Chapter III: Coping with the Pandemic: A Third-Tier Dimension |
| 1. Introduction |
| 2. Spread and Intensity of COVID-19 in India |
| 3. Role of Third – Tier Governments in the Pandemic |
| 4. Fiscal Impact of COVID-19 on Third-Tier Government |
| 5. Steps taken by the Municipal Corporations to fill Resource Gaps |
| 6. Lessons and Conclusions |
| Annex III.1: Initiatives by Municipal Corporations in Combating the COVID-19 Pandemic |
| Annex III.2: Initiatives taken by Panchayati Raj Institutions in Rural Areas |
| Chapter IV: Way Forward |
| References |
| Explanatory Note on Data Sources and Methodology |
| LIST OF BOXES |
| II.1 GST Compensation Cess in 2020-21 - Accounting Practices among States |
| II.2 Research and Development Related Expenditure by States |
| II.3 Revised Fiscal Roadmap for States - An Analysis |
| II.4 Advisory Committee on Ways and Means Advances to State Governments - Key Recommendations |
| II.5 Debt Decomposition and Stock-Flow Adjustments across States |
| III.1 Fiscal Stress on Indian Municipal Corporations |
| III.2 Does Fiscal Health Impact Vaccination Drive? Empirical Study of Select Municipal Corporations |
| 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 Fiscal Position of States |
| II.4 Expenditure Pattern of State Governments |
| II.5 Deficit Indicators of State Governments: State-wise |
| II.6 Composition of Expenditure on Social Services (Revenue and Capital Accounts) |
| II.7 Decomposition and Financing Pattern of Gross Fiscal Deficit |
| II.8 Market Borrowings of State Governments |
| II.9 Maturity Profile of Outstanding State Government Securities |
| II.10 Investment of Surplus Cash Balance of State Governments/UT |
| II.11 Investment in CSF/GRF by States/UT |
| II.12 Outstanding Liabilities of State Governments and UTs |
| II.13 Composition of Outstanding Liabilities of State Governments and UTs |
| II.14 Guarantees issued by State Governments |
| III.1 Receipts of Municipal Corporations |
| III.2 Revenue and Capital Expenditure of the Municipal Corporations |
| III.3 Expenditure on Select Public Services by the Municipal Corporations |
| LIST OF CHARTS |
| II.1 Major Deficit Indicators |
| II.2 Fiscal Position of States - 2019-20 vis-à-vis 2018-19 |
| II.3 Reduction in Expenditure |
| II.4 Revenue Collection Growth |
| II.5 Growth in Expenditure |
| II.6 State-wise GFD in 2021-22 (BE) |
| II.7 Social Sector Expenditure |
| II.8 Committed Expenditure |
| II.9 Capital Outlay: Sectoral Increase |
| II.10 Growth in Revenue Receipts |
| II.11 Weighted-Contribution to Revenue Growth |
| II.12 Growth in Revenue Expenditure |
| II.13 Primary Expenditure Growth of Centre and States |
| II.14 Composition of State’s Expenditure: Key Components |
| II.15 Central Transfers: Stylised Evidence |
| II.16 Coefficient of Variation (Population Weighted) |
| II.17 Gross Market Borrowing |
| II.18 State-wise Net Market Borrowing |
| II.19 SDLs – Maturity and Yield Spread |
| II.20 Debt and Interest Burden |
| III.1 COVID-19 First Wave versus Second Wave – Stylised Evidence |
| III.2 State/Union Territory-wise COVID-19 Impact and Vaccination Progress as on October 31, 2021 |
| III.3 Distribution of New COVID Cases across Districts |
| III.4 Global Spatial Autocorrelation |
| III.5 Clustering during the Pandemic |
| III.6 Identification of Hotspots |
| III.7 Functions in Response to Pandemic |
| III.8 Augmentation of Healthcare Infrastructure by the Municipal Corporations |
| III.9 Involvement of Private Sector and NGOs |
| III.10 Progress of Vaccination in India |
| III.11 Financial Challenge faced by MCs in 2020-21 and 2021-22 |
| III.12 Impact of COVID- 19 on the finances of the MCs in India |
| III.13 Breakdown of Receipts of Municipal Corporations in 2017-18 |
| III.14 Breakdown of Disbursements of Municipal Corporations in 2017-18 |
| III.15 Resource Gaps |
| III.16 Financing Pattern of MCs during 2020-21 |
| LIST OF APPENDIX TABLES FOR STATES’ BUDGETS 2021-22 |
| 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 |
| 12. Composition of Outstanding Liabilities of State Governments - As Proportion to Total |
| 13. State Government Market Borrowings |
| LIST OF STATEMENTS AND APPENDICES FOR STATES’ BUDGETS 2021-22 |
| 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 – 2019-20 (Accounts) |
| 6. Financing of Gross Fiscal Deficit – As per cent of Total – 2019-20 (Accounts) |
| 7. Financing of Gross Fiscal Deficit – 2020-21 (RE) |
| 8. Financing of Gross Fiscal Deficit – As per cent of Total – 2020-21 (RE) |
| 9. Financing of Gross Fiscal Deficit – 2021-22 (BE) |
| 10. Financing of Gross Fiscal Deficit – As per cent of Total – 2021-22 (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 percentage 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 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 Ratio 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 to Total Disbursement |
| 33. Revenue Receipts of State Governments |
| 34. Revenue Expenditure of the State Governments |
| 35. Development Expenditure: Select Indicators |
| 36. Subsidies |
| 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 |