RBI Report on State Finances

On 30th September 2019, RBI’s report on States Finances: A Study of Budgets of 2019-20 was released.

Observations from the Report

  • Adherence to FRBM Act: States’ gross fiscal deficit was within the threshold of Fiscal Responsibility and Budget Management (FRBM) laws in the last two years ( threshold of 3% of GDP during 2017-18 and 2018-19), but it was possible due to sharp reduction in capital expenditure by states.
  • Outstanding Debt: The outstanding debt of states combined has risen over the last five years to 25 per cent of GDP, posing medium-term challenges to its sustainability.
  • GST and States: States’ revenue prospects ....
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