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

Author

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  • Mukherjee, Sacchidananda

Abstract

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.

Suggested Citation

  • Mukherjee, Sacchidananda, 2023. "State Budget Analysis of 2023-24: State of Indian State Finances," MPRA Paper 117925, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:117925
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    File URL: https://mpra.ub.uni-muenchen.de/117925/2/MPRA_State%20Budget%20Analysis%202023-24_SMukherjee_13072023.pdf
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    More about this item

    Keywords

    State Finances; Budget Analysis; Fiscal management; revenue mobilization; public finance management; fiscal deficit; revenue deficit; India.;
    All these keywords.

    JEL classification:

    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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