States’ Fiscal Deficit At Only 16.5% Of Budget Estimates For Q1 FY22: Motilal Oswal
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Motilal Oswal Report
Based on the monthly accounts available for 16 states (together accounting for ~76% of all states), total receipts of all states grew 29.7% YoY in Q1 FY22, while total spending grew slowly at 18% YoY in Q1 FY22.
With this, states have achieved 16.8%/16.7% of their receipts/spending of FY22 budget estimates, better than 13.6%/15.4% of Q1 FY21 budget estimates.
States’ fiscal deficit during Q1 FY22 accounted for 16.5% of FY22 budget estimates, lower than 25% of Q1 FY21 budget estimates, but higher than average 10.1% of budget estimates in the three years prior to the Covid-19 outbreak.
States’ total taxes grew 44.7% YoY in Q1 FY22, supported by a favorable base (down 35.4% YoY in Q1 FY21).
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