State finances show worrying trend: Report
5 years, 2 months ago

State finances show worrying trend: Report

Live Mint  

New Delhi: Reflecting slowdown in the economy, monthly finances of 17 state governments show worrying trend with total receipts growing only 4.1% in the first five months of the current fiscal, compared to same period a year ago. "For the first five months of FY20, while capital expenditure grew only 0.6% year-on-year, core revenue spending grew 7.6% YoY. Thus, total spending of states grew at a nine-year low of 5.8% in Apr-Aug'19," brokerage firm Motilal Oswal said in a report. Total taxes collected by 17 states grew 15.8% YoY in Aug'19, marking their fastest growth in eight months, as per the report.

States State Yoy Grew Total Receipts  worrying  report  months  yoy  total  state  states  receipts  taxes  apraug19  trend  fy20  growth  finances  grew

History of this topic

State borrowings to surge about 18% in Q4 after slowing Q2 GDP growth
6 days, 4 hours ago

State borrowings to surge about 18% in Q4 after slowing Q2 GDP growth

Live Mint  

India’s state governments appear to be priming themselves for a significant capital expenditure push in the current quarter, offering hope of a drive towards reviving the pace of India’s economic growth after a succession of slow-growing quarters. The rise in state borrowings offers hope of a push towards broader economic recovery, following a notable slowdown in India’s gross domestic product …

State’s spending shoots up, revenue collection remains below par
1 week, 6 days ago

State’s spending shoots up, revenue collection remains below par

Deccan Chronicle  

Hyderabad:The Comptroller and Auditor General of India on Friday released its detailed report on Telangana's state finances for April-November 2024, revealing significant increases in expenditure on debt servicing, salaries, pensions, and subsidies over the same period in 2023. The tax revenues reached `93,553.51 crore, representing 56.91 per cent of the `1,64,397.64 crore BE, marginally lower than 57.10 per cent last …

RBI flags concerns over state sops even as tax revenue grows, spending quality improves
3 weeks ago

RBI flags concerns over state sops even as tax revenue grows, spending quality improves

Live Mint  

Mumbai: India’s banking regulator has flagged concerns about a slew of sops announced by several states, even as their tax revenue has grown faster than the economic growth rate after the pandemic year of FY21, and spending quality improved in favour of more productive asset creation. Even as capital expenditure is projected to increase this year, states are expected to …

RBI flags concerns over state sops even as tax revenue grows, spending quality improves
3 weeks ago

RBI flags concerns over state sops even as tax revenue grows, spending quality improves

Live Mint  

Mumbai: India’s banking regulator has flagged concerns about a slew of sops announced by several states, even as their tax revenue has grown faster than the economic growth rate after the pandemic year of FY21, and spending quality improved in favour of more productive asset creation. Even as capital expenditure is projected to increase this year, states are expected to …

India’s GDP growth shocker: Bad news can be good too
1 month ago

India’s GDP growth shocker: Bad news can be good too

Live Mint  

India’s growth in gross domestic product of 5.4% in the three months ended 30 September, or the second quarter of 2024-25, was a shocker. It’s the lowest level seen since the third quarter of 2022-23 and a sharp drop from 8.1% growth in the same period last year and also from 6.7% in the first quarter of 2024-25. Given the …

Data dive: How freebies are hurting already stressed state finances
1 month, 3 weeks ago

Data dive: How freebies are hurting already stressed state finances

Live Mint  

Maharashtra and Jharkhand are going to polls amid heated campaigns that saw ideological clashes, political wrangling, and promises of several free goods and services, colloquially known as freebies. Most states that went to polls in 2023 or 2024 saw their fiscal deficit as a share of the gross state domestic product rise compared to the previous non-election year, showed a …

Capital spending of 13 major states to be below budget estimate in FY25 after sluggish start: Icra
2 months, 3 weeks ago

Capital spending of 13 major states to be below budget estimate in FY25 after sluggish start: Icra

Live Mint  

New Delhi: The combined capital spending of 13 major state governments in India is expected to grow by 13% to ₹6.5 trillion in FY25, below the budget estimate of ₹7.2 trillion, rating company Icra said on Wednesday. {{^adFree}} {{/adFree}} A sluggish start to capital expenditure and an expected shortfall in revenue due to elections during April-May are likely to have …

India's GDP grows by 6.7 percent in Q1: Govt report
4 months, 1 week ago

India's GDP grows by 6.7 percent in Q1: Govt report

Hindustan Times  

India's gross domestic product slowed to a five-quarter low of 6.7 per cent in April-June this fiscal against 8.2 per cent in the year-ago period, mainly due to poor showing by the farm sector, according to government data. India's GDP grows by 6.7 percent in Q1: Govt report India remains the fastest-growing major economy, as China's GDP growth in the …

India confident of achieving fiscal deficit target, on course with glide path: FM Sitharaman
5 months, 1 week ago

India confident of achieving fiscal deficit target, on course with glide path: FM Sitharaman

Live Mint  

The government is confident of achieving its fiscal deficit target and sticking to the glide path to trim it to 4.5% of the GDP by FY26, Union finance minister Nirmala Sitharaman told Parliament on Tuesday, addressing concerns raised by the Opposition on the budget. Sitharaman also outlined the government’s budgetary allocations for social sector welfare schemes, public capex, expenditure on …

Bihar witnessing high growth amid rising fiscal stress: CAG report
5 months, 2 weeks ago

Bihar witnessing high growth amid rising fiscal stress: CAG report

Hindustan Times  

The state finances audit report of Bihar for the financial year 2022-23, which was tabled in the assembly on Thursday, highlighted the challenges of the rising fiscal stress in the state despite its growing gross state domestic product at 15.55% over the last year. The fiscal deficit, the gap between the total expenditure and total non-debt receipt of the state …

India's GDP grew by 8.4 per cent in December quarter, surpassing expectations
10 months, 1 week ago

India's GDP grew by 8.4 per cent in December quarter, surpassing expectations

Hindustan Times  

Indian economy grew by 8.4 per cent in October-December 2023 against 4.3 per cent a year ago, government data showed on Thursday. India's GDP grows by 8.4 per cent in December quarter It had projected a growth of 7.3 per cent for the current fiscal in its first advance estimates released earlier in January 2024. Earlier in the day, the …

Punjab registers 22% jump in tax revenue
10 months, 2 weeks ago

Punjab registers 22% jump in tax revenue

Hindustan Times  

Chandigarh : Punjab registered a 22% year-on-year jump in tax revenue in first 10 months of the financial year 2023-24 due to robust demand and stricter compliance. Punjab registered a 22% year-on-year jump in tax revenue in first 10 months of the financial year 2023-24 due to robust demand and stricter compliance. The tax revenue stood at ₹53,617 crore in …

Bihar Budget: Govt. presents ₹2.79 lakh crore budget, growth rate ‘highest’ in country at over 10%
10 months, 3 weeks ago

Bihar Budget: Govt. presents ₹2.79 lakh crore budget, growth rate ‘highest’ in country at over 10%

The Hindu  

Amid pandemonium by Opposition legislators, Bihar Deputy Chief Minister Samrat Choudhary, who is also the Finance Minister, on Tuesday presented the ₹2.79 lakh crore Budget in the State Assembly days after the JD-BJP formed the government. Presenting the Budget, Mr. Choudhary said the current financial year 2023-24 saw 2.5 crore people rising above the poverty line in the State. “The …

Sluggish pace of growth in revenue receipts in Telangana continue at the end of Q3
11 months, 1 week ago

Sluggish pace of growth in revenue receipts in Telangana continue at the end of Q3

The Hindu  

The sluggish pace of growth in the revenue receipts in Telanganacontinued at the end of the third quarter of the current financial year with overallrevenue receipts pegged at ₹1.25 lakh crore, 57% of the ₹2.16 lakh crore projected in the budget estimates. Tax revenue has shown some improvement since the past few months reaching ₹99,693 crore, 65.37 % at the …

Consistent increase in 2023-24 revenue collections: UP govt
1 year, 1 month ago

Consistent increase in 2023-24 revenue collections: UP govt

Hindustan Times  

LUCKNOW The UP government on Tuesday claimed a consistent increase in its revenue receipts with a collection of ₹2,580.78 crore more in November this year. We have maintained transparency in the release of data about tax and non-tax collections,” said minister for revenue Suresh Khanna while releasing the details about the state government’s total revenue collections. The state government’s non-tax …

India shows an impressive 7.8% economic growth in April-June quarter
1 year, 4 months ago

India shows an impressive 7.8% economic growth in April-June quarter

Associated Press  

NEW DELHI — India’s economy registered impressive growth of 7.8% in the first quarter of the current financial year, attributed to good performance by the agriculture and financial sectors, according to official data released on Thursday. India’s agriculture sector recorded growth of 3.5% in three months, up from 2.4% in the April-June quarter last year, according to the data released …

T.N.’s foreign direct investment inflows fell 27.7% to $2.17 billion in 2022-23
1 year, 5 months ago

T.N.’s foreign direct investment inflows fell 27.7% to $2.17 billion in 2022-23

The Hindu  

Tamil Nadu’s Foreign Direct Investment inflows declined 27.7% to about $2.17 billion in the financial year 2022-23 from $3 billion in 2021-22, as per data shared in Parliament recently. Many other key States, except for Gujarat, have India’s FDI inflows as a whole, declined 16.34% to $70.97 billion in 2022-23 from $84.84 billion in 2021-22, as per the provisional figures …

India's GDP grew at 6.1% in Jan-March quarter: Govt data
1 year, 7 months ago

India's GDP grew at 6.1% in Jan-March quarter: Govt data

Hindustan Times  

India's economy grew 6.1% in the January-March quarter from a year earlier, accelerating from 4.4% in the previous quarter, government data showed on Wednesday. The National Statistical Office, under the ministry of Statistics and Programme Implementation, announced that the GDP in the last quarter of the financial year 2022-23 is estimated at ₹43.62 lakh crore, as against ₹41.12 lakh crore …

People in smaller states fared better in consumption
1 year, 8 months ago

People in smaller states fared better in consumption

Deccan Chronicle  

HYDERABAD: In spite of global headwinds, India has registered a highest-ever collection of Goods and Services Tax in April, attesting the country’s impressive economic growth. According to the break-up of state-wise GST collection provided by the Union finance ministry, only six states have contributed more than Rs 10,000 crore to the coffers. Karnataka stood as the distant second in the …

Maharashtra Economy To Grow 6.8% in 2022-23: State's Economic Survey
1 year, 10 months ago

Maharashtra Economy To Grow 6.8% in 2022-23: State's Economic Survey

News 18  

The Maharashtra Economic Survey, tabled on Wednesday, pegged the state’s economic growth at 6.8 per cent for the current financial year 2022-23. It said that in 2022-23, the state’s agriculture and allied activities sector is expected to grow 10.2 per cent, industry sector by 6.1 per cent and services sector by 6.4 per cent. According to the Economic Survey 2022-23, …

State economy clocked 12.01% growth in 2021-22: Economic Review
1 year, 11 months ago

State economy clocked 12.01% growth in 2021-22: Economic Review

The Hindu  

The State economy posted a ‘‘strong recovery’‘ in 2021-22 with the Gross State Domestic product clocking a 12.01% growth at constant prices, the Economic Review 2022 published on Thursday said. The annual growth rate of public debt decreased from 14.34% to 10.16%, and the public debt-GSDP ratio from 25.90% to 24.26% in 2021-22 compared to the previous fiscal. State’s own …

Reading the Union Budget with state govt spending statistics
1 year, 11 months ago

Reading the Union Budget with state govt spending statistics

Hindustan Times  

Finance minister Nirmala Sitharaman will present her fifth consecutive budget on February 1 this year. See Chart 1: Share of central and state spending in total government expenditure in India There was no significant increase in states’ fiscal deficit post-pandemic The union government’s fiscal deficit has seen a sharp increase in the wake of the pandemic. See Chart 2: centre …

States may undershoot planned borrowings for Jan.-March: analysts
2 years ago

States may undershoot planned borrowings for Jan.-March: analysts

The Hindu  

States may not borrow as much as the record $41 billion they plan to in the January-March quarter, which will help keep the spread between State and central government bond yields in check, analysts said. States plan to sell bonds worth ₹3.41 trillion, the highest quarterly borrowing ever scheduled, in the last three months of the financial year, according to …

Indian states may undershoot planned borrowings for Jan-Mar quarter: Analysts
2 years ago

Indian states may undershoot planned borrowings for Jan-Mar quarter: Analysts

Live Mint  

Indian states may not borrow as much as the record $41 billion they plan to in the January-March quarter, which will help keep the spread between state and central government bond yields in check, analysts said. States plan to sell bonds worth 3.41 trillion rupees, the highest quarterly borrowing ever scheduled, in the last three months of the financial year, …

5 charts reveal the state of state economies
2 years, 1 month ago

5 charts reveal the state of state economies

Live Mint  

After witnessing unprecedented challenges due to the covid-19 pandemic, India’s states are well on their way to recovery, according to the Reserve Bank of India’s Handbook of Statistics on Indian States released last week. Here is what data tells us about states’ growth, finances, wages, and credit, in five charts: Recovering Losses View Full Image Mint ReNew to sell 1GW …

Uttar Pradesh had the highest share in Centre’s FY22 excise revenue
2 years, 5 months ago

Uttar Pradesh had the highest share in Centre’s FY22 excise revenue

Live Mint  

NEW DELHI: The state of Uttar Pradesh received the biggest share of central government’s revenue collections from excise duty on petroleum products in FY22, followed by Bihar, West Bengal and Madhya Pradesh, as per official data. Uttar Pradesh received about ₹6,693 crore last fiscal from the Centre’s excise duty collection which was shared with states as per a formula prescribed …

Why it’s time to worry about state finances
2 years, 5 months ago

Why it’s time to worry about state finances

Live Mint  

State governments are confronting various fiscal risks, particularly heavy debt, says the Reserve Bank of India’s latest bulletin. However, a rising trend in providing freebies such as free power, water, and gender-based free bus rides in many states have eaten into the expenditure pie. Power sector accounts for a large portion of states’ financial burden, since dues owed by discoms …

Data | Poor revenues, higher spending increased debt burden of ten Indian States
2 years, 6 months ago

Data | Poor revenues, higher spending increased debt burden of ten Indian States

The Hindu  

The pandemic has worsened the fiscal positions of State governments. The revenue expenditure of many of these States constitute 80-90% of the total expenses and therefore they have poor capital spending. Within own tax revenue, States’ goods and services tax, States’ excise duties and sales tax are the major sources of revenue High revenue expenditure The share of revenue expenditure …

GDP grew 8.7% in 2021-22 against 6.6% in previous fiscal: Govt
2 years, 7 months ago

GDP grew 8.7% in 2021-22 against 6.6% in previous fiscal: Govt

India TV News  

Highlights Indian economy expanded by 8.7 per cent in 2021-22 against a 6.6 per cent contraction in 2020-21. The GDP grew by 4.1 per cent in the fourth quarter of 2021-22, showed govt data. India's economy grew by 4.1 per cent in the fourth quarter of 2021-22, pushing up the annual growth rate to 8.7 per cent, official data showed …

State Recovery Tracker: UP, Rajasthan, other large states led economic recovery in December
4 years ago

State Recovery Tracker: UP, Rajasthan, other large states led economic recovery in December

Live Mint  

India’s economic recovery appears to have picked up pace over the past few weeks, led by the largest states of the country. All four high-frequency indicators of economic activity considered in Mint’s monthly state recovery tracker showed an improvement in December, reversing the brief post-festival slowdown of November. Graphic Mint Mint’s state recovery tracker looks at the 12 largest state …

State Recovery Tracker: High-GDP states catch up with rest of India on economic revival
4 years, 3 months ago

State Recovery Tracker: High-GDP states catch up with rest of India on economic revival

Live Mint  

Until recently, economic revival in India was mostly limited to smaller states. The top states are now catching up with the rest of India in getting back on track, shows Mint’s latest State Recovery Tracker. Six states make up half of India’s economic output, and will matter the most in economic recovery: Maharashtra, Tamil Nadu, Uttar Pradesh, Karnataka, Gujarat, and …

GDP slump in June quarter prompts growth, rate-cut revisions
5 years, 4 months ago

GDP slump in June quarter prompts growth, rate-cut revisions

Live Mint  

Singapore: Economists cut their forecasts for India’s economic growth and predicted deeper interest-rate cuts after data showed a sharper-than-expected slump in output. Goldman Sachs Group Inc. and Citigroup Inc. lowered their growth projections to 6% for the fiscal year through March 2020, while Oxford Economics Ltd. said there’s a risk the expansion could be weaker than that. Data released on …

State retained 7.5% growth, but farm sector in distress
5 years, 6 months ago

State retained 7.5% growth, but farm sector in distress

The Hindu  

Maharashtra’s economy grew at an estimated 7.5% in 2018-19, the same pace as the year before it, but growth in the agricultural sector collapsed to a mere 0.4% and crop output shrank by a sharp 8%. With industrial growth also contracting, it was only a sharp 9.2% growth in the Services sector that helped the State retain the 7.5% growth …

How new GDP series has swung fortunes of states
5 years, 7 months ago

How new GDP series has swung fortunes of states

Live Mint  

India’s new methodology of estimating the gross domestic product has re-written the fortunes of states, a Mint analysis of the gross state domestic product numbers show. “The change to the new GSDP series has led to a harder budget constraint compared to earlier for poorer states such as Bihar and Madhya Pradesh,” said Ravindra H. Dholakia, an Ahmedabad-based economist and …

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