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State Finances: A Study of Budgets of 2025-26

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Foreword

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Contents

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List of Abbreviations

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Chapters

I. Overview

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II. Fiscal Position of the State Governments

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III. Demographic Transition in India – Implications for State Finances

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IV. The Way Forward

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References

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Explanatory Note on Data Sources and Methodology

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Appendix Tables: 2025-26

Appendix Table 1: Major Deficit Indicators of State Governments

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Appendix Table 2: Devolution and Transfer of Resources from the Centre

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Appendix Table 3: Development and Non-Development Expenditure: Aggregate

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Appendix Table 4: Development Expenditure - Major Heads

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Appendix Table 5: Non-Development Expenditure - Major Heads

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Appendix Table 6: Development and Non-Development Expenditure

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Appendix Table 7: Composition of Social Sector Expenditure

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Appendix Table 8: Decomposition of Gross Fiscal Deficit

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Appendix Table 9: Financing of Gross Fiscal Deficit

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Appendix Table 10: Financing of Gross Fiscal Deficit - As per cent of Total

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Appendix Table 11: Composition of Outstanding Liabilities of State Governments and Uts

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Appendix Table 12: Composition of Outstanding Liabilities of State Governments and UTs - As per cent of Total

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Appendix Table 13: State Government Market Borrowings

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Statements: 2025-26

Statement 1: Major Fiscal Indicators

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Statement 2: Revenue Deficit/Surplus

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Statement 3: Gross Fiscal Deficit/Surplus

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Statement 4: Decomposition of Gross Fiscal Deficit

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Statement 5: Financing of Gross Fiscal Deficit – 2023-24 (Accounts)

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Statement 6: Financing of Gross Fiscal Deficit – As per cent of Total – 2023-24 (Accounts).

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Statement 7: Financing of Gross Fiscal Deficit – 2024-25 (Revised Estimates)

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Statement 8: Financing of Gross Fiscal Deficit – As per cent of Total – 2024-25 (Revised Estimates)

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Statement 9: Financing of Gross Fiscal Deficit – 2025-26 (Budget Estimates)

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Statement 10: Financing of Gross Fiscal Deficit – As per cent of Total 2025-26 (Budget Estimates)

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Statement 11: Development Expenditure

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Statement 12: Non-Development Expenditure

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Statement 13: Interest Payments

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Statement 14: Tax Revenue

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Statement 15: Non-Tax Revenue

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Statement 16: Loans from the Centre

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Statement 17: Devolution and Transfer of Resources from the Centre

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Statement 18: Composition of Outstanding Liabilities

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Statement 19: Total Outstanding Liabilities of State Governments

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Statement 20: Total Outstanding Liabilities - As per cent of GSDP

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Statement 21: Market Borrowings of State Governments

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Statement 22: State Government Market Loans

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Statement 23: Maturity Profile of Outstanding State Government Securities

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Statement 24: Maturity Profile of Outstanding State Government Securities - As per cent of Total

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Statement 25: Investment Outstanding in Treasury Bills

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Statement 26: Expenditure on Education - As per cent of Aggregate Expenditure

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Statement 27: Expenditure on Medical and Public Health and Family Welfare - As per cent of Aggregate Expenditure

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Statement 28: Outstanding Guarantees of State Governments

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Statement 29: Expenditure on Wages and Salaries

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Statement 30: Expenditure on Operations and Maintenance

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Statement 31: Social Sector Expenditure

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Statement 32: Social Sector Expenditure as per cent of Total Disbursement

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Statement 33: Revenue Receipts of State Governments and Uts

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Statement 34: Revenue Expenditure of State Governments and Uts

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Statement 35: Development Expenditure: Select Indicators

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Statement 36: Subsidies

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Statement 37: States’ Expenditure on Medical and Public Health, Family Welfare and Water Supply and Sanitation

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Appendices I to IV: 2025-26

Appendix I: Revenue Receipts of States and Union Territories with Legislature

States: Andhra Pradesh, Arunachal Pradesh, Assam, Bihar

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States: Chhattisgarh, Goa, Gujarat, Haryana

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States: Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka

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States: Kerala, Madhya Pradesh, Maharashtra, Manipur

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States: Meghalaya, Mizoram, Nagaland, Odisha

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States: Punjab, Rajasthan, Sikkim, Tamil Nadu

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States: Telangana, Tripura, Uttarakhand, Uttar Pradesh, West Bengal

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States: Delhi, Puducherry, All States and UTs

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Appendix II: Revenue Expenditure of States and Union Territories with Legislature

States: Andhra Pradesh, Arunachal Pradesh, Assam, Bihar

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States: Chhattisgarh, Goa, Gujarat, Haryana

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States: Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka

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States: Kerala, Madhya Pradesh, Maharashtra, Manipur

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States: Meghalaya, Mizoram, Nagaland, Odisha

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States: Punjab, Rajasthan, Sikkim, Tamil Nadu

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States: Telangana, Tripura, Uttarakhand, Uttar Pradesh, West Bengal

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States: Delhi, Puducherry, All States and UTs

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Appendix III: Capital Receipts of States and Union Territories with Legislature

States: Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Goa, Gujarat, Haryana

PDF (138081)

States: Himachal Pradesh, Jammu and Kashmir, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur

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States: Meghalaya, Mizoram, Nagaland, Odisha, Punjab, Rajasthan, Sikkim, Tamil Nadu

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States: Telangana, Tripura, Uttarakhand, Uttar Pradesh, West Bengal, Delhi, Puducherry, All States and UTs

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Appendix IV: Capital Expenditure of States and Union Territories with Legislature

States: Andhra Pradesh and Arunachal Pradesh

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States: Assam and Bihar

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States: Chhattisgarh and Goa

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States: Gujarat and Haryana

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States: Himachal Pradesh and Jammu and Kashmir

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States: Jharkhand and Karnataka

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States: Kerala and Madhya Pradesh

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EXCEL (20957)

States: Maharashtra and Manipur

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EXCEL (20308)

States: Meghalaya and Mizoram

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EXCEL (20277)

States: Nagaland and Odisha

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EXCEL (20200)

States: Punjab and Rajasthan

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States: Sikkim and Tamil Nadu

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States: Telangana and Tripura

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States: Uttarakhand and Uttar Pradesh

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States: West Bengal

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States: Delhi and Puducherry

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States: All States and UTs

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Notes to Appendices

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Page Last Updated on: Febuary 03, 2023

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