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Report on Municipal Finances
November 18 , 2024
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- The Reserve Bank of India (RBI) released the Report on Municipal Finances.
- The theme of the Report is "Own Sources of Revenue Generation in Municipal Corporations: Opportunities and Challenges".
- Own tax revenue, inclusive of property tax, water tax, electricity tax, education tax, and other local taxes, constituted 30 per cent of total revenue during 2023-24
- It had noted that the demand for high-quality public services in urban areas is growing rapidly with a rising urban population.
- The growth in the revenue receipts moderated to 3.7 per cent in 2022-23 (revised estimate) and was budgeted to increase by 20.1 per cent in 2023-24.
- The surplus in 2023-24 was budgeted at above Rs 1,000 crore in states like Maharashtra, Gujarat, Karnataka, Madhya Pradesh, Haryana, and Telangana, led by Maharashtra (Rs 11,104 crore).
- The surplus in MCs in Delhi, Andhra Pradesh, Rajasthan, Odisha, West Bengal, and Tamil Nadu was placed in the range of Rs 100 crore (Tamil Nadu) to Rs 687 crore (Delhi).
- MCs in Tripura, Jharkhand, Himachal Pradesh, Bihar, Chhattisgarh, Jammu & Kashmir, Uttar Pradesh, and Kerala have budgeted for a revenue deficit in the range of (-) Rs 2 crore (Tripura) to (-) Rs 789 crore (Kerala) for 2023-24.
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