| 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 2024-25 So Far and Outlook |
| 6. Financing of GFD and Market Borrowings by State Governments and UTs |
| 7. Outstanding Liabilities |
| 8. Conclusion |
| Annex II.1: Deficit Indicators - State-wise |
| Annex II.2: States’ Expenditure on Research and Development (R&D) |
| Chapter III: Fiscal Reforms by States |
| 1. Introduction |
| 2. Review of Sub-national Fiscal Rules |
| 3. Institutional Reforms |
| 4. Major Expenditure Reforms |
| 5. Tax Reforms |
| 6. Borrowing Reforms |
| 7. Power Sector Reforms |
| 8. Reforms: Way Ahead |
| 9. Concluding Observations |
| Annex III.1: Abbreviations used for States |
| Annex III.2: State Institutions for Transformation |
| Annex III.3: List of Major Schemes Undertaken by the States under DBT |
| Annex III.4: Fiscal Reforms by States |
| Chapter IV: The Way Forward |
| Annex IV.1: Statement on Total Outstanding Liabilities |
| References |
| Explanatory Note on Data Sources and Methodology |
| e-STATES Database |
| LIST OF BOXES |
| II.1 GST and Convergence in the Tax-GSDP Ratios of States |
| II.2 Expenditure Multipliers of Indian States |
| II.3 Working Group on State Government Guarantees – Major Recommendations |
| III.1 Sub-national Fiscal Rules: Cross-country Practices |
| III.2 Transforming Fiscal Management – A Case Study of Odisha |
| 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 Changes in Gross Market Borrowings across Major States |
| II.5 Market Borrowings of State Governments |
| II.6 Maturity Profile of Outstanding State Government Securities |
| II.7 State Governments’ Investments in Treasury Bills |
| II.8 Investment in CSF/GRF by States/UTs |
| II.9 Outstanding Liabilities of State Governments and UTs |
| II.10 Composition of Outstanding Liabilities of State Governments and UTs |
| II.11 Guarantees Issued by State Governments |
| III.1 FRL Practices of States |
| III.2 PEFA Scoring Mechanism |
| III.3 Fiscal Marksmanship of Revenue Receipts and its Components using PEFA |
| III.4 Fiscal Marksmanship of Revenue Expenditure and its Components using PEFA |
| III.5 Fiscal Marksmanship of Capital Expenditure and its Components using PEFA |
| III.6 Comparative Analysis of OPS, NPS and UPS |
| III.7 Number of States/UTs which availed SDF/ WMA/ OD |
| LIST OF CHARTS |
| II.1 Gross Fiscal Deficit |
| II.2 Key Drivers of Change in GFD during 2022-23 over 2021-22 |
| II.3 Key Drivers of Change in GFD during 2023-24 over 2022-23 |
| II.4 States’ GFD-GSDP Ratios and FRL Limit in 2024-25 |
| II.5 States’ Own Tax Revenue |
| II.6 Own Tax Revenue |
| II.7 Revenue Expenditure |
| II.8 Social Sector and Committed Expenditure |
| II.9 States’ Capital Outlay |
| II.10 Capital Outlay: Pre-and Post-Interest Free Loan Scheme |
| II.11 State-Wise Interest-Free Loans |
| II.12 State-Wise RECO Ratio for 2024-25 (BE) |
| II.13 Research and Development Expenditure – Component-wise |
| II.14 States’ Revenue Receipts during April-October 2024-25 |
| II.15 Growth in States’ Capital Outlay |
| II.16 States’ Gross Market Borrowings |
| II.17 Actual vs. Indicative Calendar |
| II.18 Net Market Borrowings of Major States |
| II.19 SGSs – Maturity and Yield Spread |
| II.20 States’ Outstanding Liabilities at end-March 2025 (BE) |
| II.21 Interest Burden of States |
| III.1 Adherence to Fiscal Targets – State-wise Performance |
| III.2 Central Transfers and Expenditure Quality of States |
| III.3 DBT Performance Index 2020 |
| III.4 Financing of Gross Fiscal Deficit (GFD) |
| III.5 Investment by State Governments in CSF and GRF |
| III.6 Recent Performance of DISCOMs |
| LIST OF APPENDIX TABLES FOR STATES’ BUDGETS 2024-25 |
| 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 per cent of Total |
| 13. State Government Market Borrowings |
| LIST OF STATEMENTS AND APPENDICES FOR STATES’ BUDGETS 2024-25 |
| 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 – 2022-23 (Accounts) |
| 6. Financing of Gross Fiscal Deficit – As per cent of Total – 2022-23 (Accounts) |
| 7. Financing of Gross Fiscal Deficit – 2023-24 (Revised Estimates) |
| 8. Financing of Gross Fiscal Deficit – As per cent of Total – 2023-24 (Revised Estimates) |
| 9. Financing of Gross Fiscal Deficit – 2024-25 (Budget Estimates) |
| 10. Financing of Gross Fiscal Deficit – As per cent of Total 2024-25 (Budget Estimates) |
| 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 |
| NOTES TO APPENDICES |