Foreword |
List of Abbreviations |
Chapter I: Overview |
| 1. |
Introduction |
| 2. |
Preview |
Chapter II: Issues and Perspectives |
| 1. |
Introduction |
| 2. |
Revised Fiscal Roadmap for States |
| 3. |
Implications of Recommendations of Thirteenth FC |
| 4. |
Introduction of Goods and Services Tax |
| 5. |
Expenditure Management |
| 6. |
Surplus Cash Balances |
| 7. |
Disclosure and Dissemination in State Budgets |
| 8. |
Strengthening the State Finance Commissions |
| 9. |
Conclusion |
Chapter III: Policy Initiatives |
| 1. |
Introduction |
| 2. |
State Governments |
| 3. |
Government of India |
| 4. |
Reserve Bank of India |
| 5. |
Conclusion |
Chapter IV: Consolidated Fiscal Position of State Governments |
| 1. |
Introduction |
| 2. |
Accounts: 2008-09 |
| 3. |
Revised Estimates: 2009-10 |
| 4. |
Budget Estimates: 2010-11 |
| 5. |
Assessment |
| 6. |
Conclusion |
Chapter V: State-wise Analysis of Fiscal Performance |
| 1. |
Introduction |
| 2. |
Deficit Indicators of the State Governments |
| 3. |
Revenue Account of the State Governments |
| 4. |
Expenditure Pattern of the State Governments |
| 5. |
Conclusion |
Chapter VI: Outstanding Liabilities, Market Borrowings and Contingent Liabilities of State Governments |
| 1. |
Introduction |
| 2. |
Outstanding Liabilities |
| 3. |
State-wise Debt Position |
| 4. |
Market Borrowings |
| 5. |
Contingent Liabilities |
| 6. |
Liquidity Position and Cash Management |
| 7. |
Investment of Cash Balances |
| 8. |
Debt Consolidation and Debt Relief |
| 9. |
Conclusion |
Chapter VII: Finance Commissions in India: An Assessment |
| 1. |
Introduction |
| 2. |
Centre-State Financial Relations: Indian Context |
| 3. |
Developments in Mandate |
| 4. |
Devolution of Resources from Centre to States |
| 5. |
Extent of Equalisation |
| 6. |
Conclusion |
ANNEX 1 |
Major Policy Initiatives of State Budgets 2010-11 |
LIST OF BOXES |
| III.1. |
Inflation and Supply-Side Measures at the States’ Level |
| III.2. |
West Bengal Fiscal Responsibility and Budget Management Act 2010 |
| IV.1. |
State Level Public Enterprises and State Finances |
| V.1. |
Fiscal Consolidation: Revised Roadmap for States |
| VI.1. |
Efficient Management of State Market Borrowings – Cost and Spread |
| VII.1. |
Transfers from Centre to States: Degree of Equalisation |
LIST OF TABLES |
| III.1. |
Institutional Reforms by State Governments |
| IV.1. |
Major Deficit Indicators of State Governments |
| IV.2 |
Variation in Major Items – 2008-09 (Accounts) over 2008-09 (RE) |
| IV.3 |
Variation in Major Items – 2009-10 (RE) over 2009-10 (BE) |
| IV.4 |
Variation in Major Items – 2010-11 (BE) over 2009-10 (RE) |
| IV.5 |
Aggregate Receipts of State Governments |
| IV.6 |
Cost Recovery of Select Services |
| IV.7 |
Expenditure Pattern of State Governments |
| IV.8 |
Development Expenditure vis-a-vis Total Expenditure |
| IV.9 |
Trend in Aggregate Social Sector Expenditure of State Governments |
| IV.10 |
Expenditure on Social Services (Revenue and Capital Accounts) Composition |
| IV.11 |
State-wise Correction of RD and GFD – 2010-11 (BE) over 2009-10 (RE) |
| IV.12 |
Decomposition and Financing Pattern of Gross Fiscal Deficit – 2008-09 (Accounts) to 2010-11 (BE) |
| IV.13 |
Budgetary Data Variation – State Budgets and Union Budgets |
| V.1 |
Deficit Indicators of State Governments |
| V.2 |
Share of Special and Non-special Category States in Deficit Indicators |
| V.3 |
Revenue Receipts of the State Governments |
| V.4 |
Revenue Expenditure of State Governments |
| V.5. |
Expenditure Pattern of State Governments |
| VI.1 |
Outstanding Liabilities of State Governments |
| VI.2 |
Composition of Outstanding Liabilities of State Governments (As at end-March) |
| VI.3 |
State-wise Debt-GSDP Position |
| VI.4 |
Interest Rate Profile of the Outstanding Stock of State Government Securities (As at end-March) |
| VI.5 |
Market Borrowings of State Governments |
| VI.6 |
Maturity Profile of Outstanding State Government Securities |
| VI.7 |
Average Interest Rate on Outstanding Liabilities of State Governments |
| VII.1 |
Recommended Share of States in Major Divisible Taxes |
| VII.2 |
Pattern of Transfers from Centre to States by Finance Commissions |
LIST OF CHARTS |
| IV.1 |
Trend in Interest Receipts |
| IV.2 |
Composition of Committed Expenditure |
| IV.3 |
Major Components of Capital Receipts |
| IV.4 |
Cyclical behaviour of Tax Devolution and Grants from Centre vis-a-vis GDP |
| V.1 |
VAT as per cent of OTR in Non-special Category States |
| V.2 |
Financing of Interest Payments by Primary Revenue Balance in Non-special Category States - 2009-10 (RE) |
| V.3 |
Pre-emption of Revenue receipts by Interest Payments and Committed Expenditure in Non-special Category States - 2009-10 (RE) |
| V.4 |
Composition of Interest Payments in Non-special Category States - 2009-10 (RE) |
| V.5 |
VAT as per cent of OTR in Special Category States |
| V.6 |
Pre-emption of Revenue Receipts by Interest Payments and Committed Expenditure in Special Category States - 2009-10 (RE) |
| VI.1 |
Deficit, Debt and Interest Burden |
| VI.2 |
Utilisation of WMA and Overdraft by States (Average of daily outstanding) |
| VI.3 |
Investment in 14-day Intermediate and Auction Treasury Bills by the State Governments (Average of Friday outstanding) |
| VII.1 |
Transfers as Ratio to Revenue Receipts and Revenue Expenditure of States |
LIST OF APPENDIX TABLES |
| 1 |
Major Deficit Indicators of State Governments |
| 2 |
Consolidated Budgetary Position at a Glance |
| 3 |
Revenue Receipts |
| 4 |
Revenue Expenditure |
| 5 |
Capital Receipts |
| 6 |
Capital Disbursements |
| 7 |
Devolution and Transfer of Resources from the Centre |
| 8 |
Development and Non-Development Expenditure |
| 9 |
Development Expenditure - Major Heads |
| 10 |
Non-Development Expenditure - Major Heads |
| 11 |
Development and Non-Development Expenditure - Plan and Non-Plan Components |
| 12 |
Development and Non-Development Expenditure - Revenue and Capital Components |
| 13 |
Plan and Non-Plan Expenditure - Revenue and Capital Components |
| 14 |
Non-Plan Non-Development Expenditure of States |
| 15 |
Composition of Social Sector Expenditure |
| 16 |
Decomposition of Gross Fiscal Deficit |
| 17 |
Financing of Gross Fiscal Deficit |
| 18 |
Financing of Gross Fiscal Deficit - As per cent to Total |
| 19 |
Composition of Outstanding Liabilities of State Governments (As at end-March) |
| 20 |
Composition of Outstanding Liabilities of State Governments – As proportion to Total (As at end-March) |
| 21 |
State Government Market Borrowings |
| 22 |
Distribution Criteria of the Net Proceeds of Income Tax |
| 23 |
Distribution Criteria of the Union Excise Duties |
LIST OF STATEMENTS |
| 1. |
Major Fiscal Indicators |
| 2. |
Revenue Deficit/Surplus |
| 3. |
Conventional Deficit/Surplus |
| 4. |
Gross Fiscal Deficit/Surplus |
| 5. |
Decomposition of Gross Fiscal Deficit |
| 6. |
Financing of Gross Fiscal Deficit - 2008-09 (Accounts) |
| 7. |
Financing of Gross Fiscal Deficit - As per cent to Total - 2008-09 (Accounts) |
| 8. |
Financing of Gross Fiscal Deficit - 2009-10 (RE) |
| 9. |
Financing of Gross Fiscal Deficit - As per cent to Total - 2009-10 (RE) |
| 10. |
Financing of Gross Fiscal Deficit - 2010-11 (BE) |
| 11. |
Financing of Gross Fiscal Deficit - As per cent to Total - 2010-11 (BE) |
| 12. |
Development Expenditure |
| 13. |
Non-Development Expenditure |
| 14. |
Plan Expenditure |
| 15. |
Non-Plan Expenditure |
| 16. |
Non-Plan Non-Development Expenditure |
| 17. |
Interest Payments |
| 18. |
Tax Revenue |
| 19. |
Own Tax Revenue |
| 20. |
Non-Tax Revenue |
| 21. |
Own Non-Tax Revenue |
| 22. |
Share in Central Taxes |
| 23. |
Grants from the Centre |
| 24. |
Loans from the Centre |
| 25. |
Devolution and Transfer of Resources from the Centre |
| 26. |
Composition of Outstanding Liabilities (As at end-March 2009-2011) |
| 27. |
Total Outstanding Liabilities of State Governments (As at end-March) |
| 28. |
Total Outstanding Liabilities of State Governments - As percentage of GSDP (As at end-March) |
| 29. |
Markets Borrowings of State Governments |
| 30. |
Plan Outlay of State Governments |
| 31. |
Capital Receipts and Capital Expenditure |
| 32. |
State Government Market Loans |
| 33. |
Outstanding Market Loans of State Governments (As at end-March 2010) |
| 34. |
Maturity Profile of Outstanding State Government Securities (Outstanding as on March 31, 2010) |
| 35. |
Maturity Profile of Outstanding State Government Securities - As Percentage to total (Outstanding as on March 31, 2010) |
| 36. |
Select Committed Expenditure of State Governments - As Ratio to States’ Own Revenue |
| 37. |
Select Committed Expenditure of State Governments - As Ratio to Revenue Expenditure |
| 38. |
Availment of WMA and Overdraft from the Reserve Bank |
| 39. |
Ways and Means Advances from the Centre |
| 40. |
Investment Outstanding in 14-day Intermediate Treasury Bills (As at end-March) |
| 41. |
Expenditure on Education - As Ratio to Aggregate Expenditure |
| 42. |
Expenditure on Medical and Public Health and Family Welfare - As Ratio to Aggregate Expenditure |
| 43. |
Outstanding Guarantees of State Governments (As at end-March) |
| 44. |
Expenditure on Wages and Salaries |
| 45. |
Expenditure on Operations and Maintenance |
| 46. |
Social Sector Expenditure |
| 47. |
Social Sector Expenditure to Total Expenditure |
| 48. |
Debt/Interest Relief availed by eligible States under DCRF recommended by Twelfth FC |
| 49. |
Decomposition of Recommended Per Capita Transfers : Tenth FC |
| 50. |
Decomposition of Recommended Per Capita Transfers : Eleventh FC |
| 51. |
Decomposition of Recommended Per Capita Transfers : Twelfth FC |
| 52. |
Decomposition of Recommended Per Capita Transfers : Thirteenth FC |
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 |