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Official Website of Reserve Bank of India
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ಪ್ರಕಟಿಸಲಾದ ದಿನಾಂಕ
ಜನವರಿ 23, 2026
Contents
| Foreword |
| List of Abbreviations |
| Chapter I: Overview |
| Chapter II: Fiscal Position of the State Governments |
| 1. Introduction |
| 2. Key Fiscal Indicators |
| 3. Receipts |
| 4. Expenditure |
| 5. Actual Outcome in 2025-26 So far and Outlook |
| 6. Financing GFD and Market Borrowings by State Governments and UTs |
| 7. Outstanding Liabilities |
| 8. Conclusion |
| Annex II.1: States’ Expenditure on Research and Development (R&D). |
| Chapter III: Demographic Transition in India – Implications for State Finances |
| 1. Introduction |
| 2. Demographic Transition in India |
| 3. Demographic Profile of Indian States |
| 4. Fiscal Implications of Demographic Changes |
| 5. Policy Options |
| 6. Conclusion |
| Annex III.1: State-wise Policy Initiatives to Address Demographic Needs |
| Chapter IV: The Way Forward |
| References |
| Explanatory Note on Data Sources and Methodology |
| LIST OF BOXES |
| II.1 Stamp Duty and Registration Fees: Revenue Efficiency across States |
| II.2 Evolution of States’ Fiscal Priorities: Text Mining of Budget Speeches |
| III.1 Leveraging Demographic Dividend: Insights from East Asia |
| III.2 Demographic Criteria in Finance Commission Awards - An Evolving Framework |
| LIST OF TABLES |
| II.1 Major Deficit Indicators - All States and Union Territories with Legislature |
| II.2 Aggregate Receipts of State Governments and UTs |
| II.3 Expenditure Pattern of State Governments and UTs |
| II.4 Changes in Gross Market Borrowings across Major States |
| II.5 Market Borrowings of State Governments |
| II.6 Maturity Profile of Outstanding State Government Securities |
| II.7 State Governments’ Investments in Treasury Bills |
| II.8 Investment in CSF/GRF by State Governments and UTs |
| II.9 Outstanding Liabilities of State Governments and UTs |
| II.10 Composition of Outstanding Liabilities of State Governments and UTs |
| II.11 Guarantees Issued by State Governments |
| III.1 Total Fertility Rate and Life Expectancy of States/UTs |
| III.2 State-wise Share of Population Above 60 Years of Age |
| III.3 State-wise Share of Working Age Population 2026- 2036 |
| III.4 Revenue Indicators for States |
| III.5 Revenue Indicators of States by Demography |
| III.6 Key Social Sector Expenditure Components |
| III.7 State-wise Old-Age Dependency Ratio |
| LIST OF CHARTS |
| II.1 States’ Gross Fiscal Deficit |
| II.2 States’ GFD-GSDP Ratios in 2025-26 (BE) |
| II.3 Declining Components of Grants-in-Aid to States |
| II.4 States’ Own Tax Revenues |
| II.5 Components of States’ Revenue Expenditure |
| II.6 States’ Social Sector Expenditure |
| II.7 Major Components of Capital Outlay |
| II.8 Indicators of States’ Composition of Expenditure |
| II.9 Number of States Implementing Reforms under the Special Assistance Scheme during 2024-25 |
| II.10 Research and Development Expenditure - Component-wise |
| II.11 Revenue Receipts of States during April-November |
| II.12 Growth in States’ Revenue and Capital Expenditure |
| II.13 States’ Gross Market Borrowings |
| II.14 States’ Gross Market Borrowings: H1 |
| II.15 Maturity Profile of Outstanding State Government Securities at end-March |
| II.16 Movement of SGS Yield and Spread |
| II.17 Indicators of States’ Debt Sustainability |
| II.18 Gross Fiscal Deficit of States and 50-year Interest- Free Loans |
| III.1 Changing Demographic Patterns - India |
| III.2 Demographic Shifts - State-wise |
| III.3 States’ Expenditure on Key Social Sector Components |
| III.4 Average Share of Social Sector Expenditure Components (Youthful States) |
| III.5 Quality of States’ Expenditure Across Demographic Group |
| III.6 Average Share of Social Sector Expenditure Components (Intermediate States) |
| III.7 Average Share of Social Sector Expenditure Components (Ageing States) |
| III.8 Indicators of States’ Debt Burden |
| LIST OF APPENDIX TABLES FOR STATES’ BUDGETS 2025-26 |
| 1. Major Deficit Indicators of State Governments |
| 2. Devolution and Transfer of Resources from the Centre |
| 3. Development and Non-Development Expenditure: Aggregate |
| 4. Development Expenditure - Major Heads |
| 5. Non-Development Expenditure - Major Heads |
| 6. Development and Non-Development Expenditure |
| 7. Composition of Social Sector Expenditure |
| 8. Decomposition of Gross Fiscal Deficit |
| 9. Financing of Gross Fiscal Deficit |
| 10. Financing of Gross Fiscal Deficit - As per cent of Total |
| 11. Composition of Outstanding Liabilities of State Governments and UTs |
| 12. Composition of Outstanding Liabilities of State Governments and UTs - As per cent of Total |
| 13. State Government Market Borrowings |
| LIST OF STATEMENTS AND APPENDICES FOR STATES’ BUDGETS 2025-26 |
| LIST OF STATEMENTS |
| 1. Major Fiscal Indicators |
| 2. Revenue Deficit/Surplus |
| 3. Gross Fiscal Deficit/Surplus |
| 4. Decomposition of Gross Fiscal Deficit |
| 5. Financing of Gross Fiscal Deficit – 2023-24 (Accounts) |
| 6. Financing of Gross Fiscal Deficit – As per cent of Total – 2023-24 (Accounts) |
| 7. Financing of Gross Fiscal Deficit – 2024-25 (Revised Estimates) |
| 8. Financing of Gross Fiscal Deficit – As per cent of Total – 2024-25 (Revised Estimates) |
| 9. Financing of Gross Fiscal Deficit – 2025-26 (Budget Estimates) |
| 10. Financing of Gross Fiscal Deficit – As per cent of Total 2025-26 (Budget Estimates) |
| 11. Development Expenditure |
| 12. Non-Development Expenditure |
| 13. Interest Payments |
| 14. Tax Revenue |
| 15. Non-Tax Revenue |
| 16. Loans from the Centre |
| 17. Devolution and Transfer of Resources from the Centre |
| 18. Composition of Outstanding Liabilities |
| 19. Total Outstanding Liabilities of State Governments |
| 20. Total Outstanding Liabilities - As per cent of GSDP |
| 21. Market Borrowings of State Governments |
| 22. State Government Market Loans |
| 23. Maturity Profile of Outstanding State Government Securities |
| 24. Maturity Profile of Outstanding State Government Securities - As Per cent of Total |
| 25. Investment Outstanding in Treasury Bills |
| 26. Expenditure on Education - As per cent of Aggregate Expenditure |
| 27. Expenditure on Medical and Public Health and Family Welfare - As per cent of Aggregate Expenditure |
| 28. Outstanding Guarantees of State Governments |
| 29. Expenditure on Wages and Salaries |
| 30. Expenditure on Operations and Maintenance |
| 31. Social Sector Expenditure |
| 32. Social Sector Expenditure as per cent of Total Disbursement |
| 33. Revenue Receipts of State Governments and UTs |
| 34. Revenue Expenditure of State Governments and UTs |
| 35. Development Expenditure: Select Indicators |
| 36. Subsidies |
| 37. States’ Expenditure on Medical and Public Health, Family Welfare and Water Supply and Sanitation |
| APPENDICES |
| I. Revenue Receipts of States and Union Territories with Legislature |
| II. Revenue Expenditure of States and Union Territories with Legislature |
| III. Capital Receipts of States and Union Territories with Legislature |
| IV. Capital Expenditure of States and Union Territories with Legislature |
| NOTE TO APPENDICES |
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