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RBI's State Finances: A Study of Budgets 2024-25
December 31 , 2024
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- The Reserve Bank of India (RBI) released the Report “State Finances: A Study of Budgets of 2024-25”.
- State governments contained their consolidated gross fiscal deficit (GFD) within 3% of gross domestic product (GDP).
- Their revenue deficit stands at 0.2% of GDP during 2022-23 and 2023-24.
- In 2024-25, States have budgeted a GFD of 3.2% of GDP.
- Their Capital expenditure rose from 2.4% of GDP in 2021-22 to 2.8% in 2023-24 and budgeted at 3.1% of GDP in 2024-25.
- States’ total outstanding liabilities declined from 31.0% of GDP 2021 to 28.5% in 2024 but remain above the pre-pandemic level.
- In 2020-21, the combined fiscal deficit of all states had edged up to 4.1 per cent of GDP and their debt-to-GDP ratio had risen to 31 per cent.
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