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State Budget Analysis of 2023-24: State of Indian State Finances

Mukherjee, Sacchidananda (2023): State Budget Analysis of 2023-24: State of Indian State Finances.

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After two years of fiscal stress during 2019-20 and 2020-21, state finances in India improved in 2021-22 with the recovery of the Indian economy after the COVID-19 pandemic. However, based on analysis of the Revised Estimate and Provisional Estimate (based on the Monthly Key Indicator Database of the Comptroller and Auditor General of India) of 2022-23, we find that states again faced fiscal shock in 2022-23. Given the experience of revenue mobilisation and expenditure management in 2022-23, states adopt a cautious approach in setting the Budget Estimates for 2023-24.

This paper presents a consolidated assessment of the Indian state finances of 18 major and 9 minor Indian states with a focus on the state budget of 2023-24. To understand the process of recovery from the fiscal stress of 2019-21, we compare the performance of major and minor states between the pre- and post-pandemic periods. In addition to consolidated assessment of state finances, state-specific assessments of deficits (revenue as well as fiscal) are also presented in the paper.

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