News: In January 2026, the Comptroller and Auditor General released the second edition of the State Finances 2023-24 report covering all States.
CAG releases ‘State Finances 2023-24’ Report
- The State Finances 2023-24 Report presents a consolidated and audited overview of the finances of all 28 States.
- Released by: The report was released by the Comptroller and Auditor General of India.
- Aim: The publication aims to provide comparable audited fiscal data of all States in one volume to support inter-State and inter-temporal analysis over a ten-year period.
- It is intended to assist policymakers, public financial managers, researchers, academia, and other stakeholders through accessible and standardised fiscal information.
- January, 2026 Edition: This is the second edition of the publication, following the first edition released in September 2025.
- Key Findings
- Revenue Receipts Composition: In FY 2023–24, total revenue receipts of States were ₹93 lakh crore, with States’ Own Tax Revenue (SOTR) at about 50 percent, Union tax share at 30 percent, grants-in-aid at 12 percent, and SNTR at 8 percent.
- States’ Own Tax Revenue (SOTR): SOTR was 6.49 percent of GSDP in FY 2023–24, with a buoyancy ratio of 0.92, and showed wide variation across States.
- States’ Non-Tax Revenue (SNTR): SNTR constituted 8.22 percent of total revenue receipts and 1.08 percent of combined GSDP in FY 2023–24, with improvement after the Covid period.
- Share in Union Taxes: The share of Union Taxes and Duties increased to 29.77 percent of States’ revenue receipts in FY 2023–24, reflecting higher tax devolution over the decade.
- Expenditure Pattern: Total expenditure of States was ₹81 lakh crore in FY 2023–24, equal to 16.15 percent of combined GSDP, with revenue expenditure forming 83.25 percent.
- Capital Expenditure: Capital expenditure was ₹84 lakh crore, accounting for 16.75 percent of total expenditure, and remained within 13–20 percent over the decade.
- Committed Expenditure and Subsidies: Committed expenditure, subsidies, and Grants-in-Aid Salary together formed 59.90 percent of revenue expenditure in FY 2023–24.
- Public Debt and Liabilities: As on 31 March 2024, combined public debt was 23.42 percent of GSDP and total liabilities were 28.28 percent of GSDP, with wide variation across States.
