BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Based on the monthly accounts available for 18 states (together accounting for ~90% of all states), total spending by the states increased 5.5% YoY in FY21, with total receipts falling 5.2% YoY.
Therefore, the states’ fiscal deficit rose to Rs 8 trillion (or 4% of gross domestic product) in FY21 from Rs 5 trillion (or 2.5% of GDP in FY20).
States’ total tax receipts (inclusive of devolution from the center) declined 5.5% in FY21, marking the second consecutive fall; this was following a contraction of 4% YoY a year ago.
The states’ own taxes fell (by 4%) for the first time in the past three decades.
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