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  • SENSEX 82,005.10 +147.62 (+0.18%)
 
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Wednesday, January 28, 2026 , BSE Sensex : 82,005.10 82,005.10(0.18%) , Adani Ports : 1,379.95 1,379.95(1.15%) , Asian Paints : 2,514.70 2,514.70(-4.20%) , Axis Bank : 1,317.80 1,317.80(0.25%) , Bajaj Finance : 928.15 928.15(1.44%) , Bajaj Finserv : 1,931.00 1,931.00(0.80%) , Bharat Electron : 452.00 452.00(8.56%) , Bharti Airtel : 1,942.90 1,942.90(-1.46%) , Eternal : 265.85 265.85(4.85%) , HCL Technologies : 1,718.60 1,718.60(-0.07%) , HDFC Bank : 930.60 930.60(0.40%) , Hind. Unilever : 2,355.00 2,355.00(-1.89%) , ICICI Bank : 1,366.00 1,366.00(0.19%) , Infosys : 1,655.50 1,655.50(-1.66%) , Interglobe Aviat : 4,722.50 4,722.50(-0.99%) , ITC : 320.05 320.05(0.39%) , Kotak Mah. Bank : 409.30 409.30(0.09%) , Larsen & Toubro : 3,776.10 3,776.10(-0.37%) , M & M : 3,406.10 3,406.10(0.35%) , Maruti Suzuki : 14,948.25 14,948.25(-1.92%) , NTPC : 348.40 348.40(0.94%) , Power Grid Corpn : 258.00 258.00(1.42%) , Reliance Industr : 1,392.00 1,392.00(0.79%) , SBI : 1,055.50 1,055.50(0.25%) , Sun Pharma.Inds. : 1,607.35 1,607.35(-1.95%) , Tata Steel : 193.20 193.20(0.36%) , TCS : 3,185.95 3,185.95(0.87%) , Tech Mahindra : 1,752.00 1,752.00(0.39%) , Titan Company : 3,968.70 3,968.70(-0.70%) , Trent : 3,849.00 3,849.00(1.53%) , UltraTech Cem. : 12,688.05 12,688.05(0.77%) ,

Nifty 50 : 25,219.10 43.70(0.17%) , Adani Enterp. : 1,988.60 29.10(1.49%) , Adani Ports : 1,373.20 9.30(0.68%) , Apollo Hospitals : 6,856.00 62.50(0.92%) , Asian Paints : 2,507.50 -115.30(-4.40%) , Axis Bank : 1,314.00 -1.80(-0.14%) , Bajaj Auto : 9,355.00 -137.00(-1.44%) , Bajaj Finance : 929.20 14.50(1.59%) , Bajaj Finserv : 1,930.50 12.80(0.67%) , Bharat Electron : 444.20 28.25(6.79%) , Bharti Airtel : 1,940.20 -33.20(-1.68%) , Cipla : 1,321.80 8.80(0.67%) , Coal India : 438.80 15.90(3.76%) , Dr Reddy's Labs : 1,221.40 -18.40(-1.48%) , Eicher Motors : 7,005.50 -159.00(-2.22%) , Eternal : 265.45 11.60(4.57%) , Grasim Inds : 2,835.40 -20.80(-0.73%) , HCL Technologies : 1,716.80 -3.40(-0.20%) , HDFC Bank : 929.45 3.05(0.33%) , HDFC Life Insur. : 725.45 5.40(0.75%) , Hind. Unilever : 2,352.40 -48.50(-2.02%) , Hindalco Inds. : 1,000.20 38.35(3.99%) , ICICI Bank : 1,364.20 2.80(0.21%) , Infosys : 1,654.80 -27.90(-1.66%) , Interglobe Aviat : 4,722.00 -47.00(-0.99%) , ITC : 319.95 1.30(0.41%) , Jio Financial : 254.35 -1.70(-0.66%) , JSW Steel : 1,217.20 -4.80(-0.39%) , Kotak Mah. Bank : 409.30 0.60(0.15%) , Larsen & Toubro : 3,775.70 -12.10(-0.32%) , M & M : 3,412.50 19.00(0.56%) , Maruti Suzuki : 15,036.00 -209.00(-1.37%) , Max Healthcare : 958.40 -17.10(-1.75%) , Nestle India : 1,280.20 -23.10(-1.77%) , NTPC : 348.30 3.60(1.04%) , O N G C : 267.36 19.41(7.83%) , Power Grid Corpn : 258.05 3.70(1.45%) , Reliance Industr : 1,391.20 10.70(0.78%) , SBI : 1,055.05 1.90(0.18%) , SBI Life Insuran : 2,051.50 13.30(0.65%) , Shriram Finance : 1,014.80 13.75(1.37%) , Sun Pharma.Inds. : 1,606.50 -32.40(-1.98%) , Tata Consumer : 1,124.10 -63.30(-5.33%) , Tata Motors PVeh : 338.35 -2.20(-0.65%) , Tata Steel : 192.95 0.67(0.35%) , TCS : 3,185.20 27.20(0.86%) , Tech Mahindra : 1,749.30 4.20(0.24%) , Titan Company : 3,972.80 -24.20(-0.61%) , Trent : 3,843.80 48.70(1.28%) , UltraTech Cem. : 12,688.00 99.00(0.79%) , Wipro : 236.65 1.85(0.79%) , Wednesday, January 28, 2026

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23-Jan-2026     18:10
Indian states consolidated gross fiscal deficit increased to 3.3% of GDP in 2024-25

Reserve Bank of India (RBI) has released the Report ‘State Finances: A Study of Budgets of 2025-26’. The theme of this year’s Report is ‘Demographic Transition in India - Implications for State Finances’. It provides a comprehensive assessment of the finances of State governments for 2025-26 against the backdrop of actual and revised/provisional accounts for 2023-24 and 2024-25, respectively.

The paper noted that states consolidated gross fiscal deficit increased to 3.3 per cent of gross domestic product (GDP) in 2024-25, after remaining below 3.0 per cent during the previous three years. The deficit exceeding 3 per cent mainly reflects 50-year interest free loans from the Centre under Special Assistance to States for Capital Investment, which is over and above the normal net borrowing ceiling of the States. In 2025-26, States have budgeted a gross fiscal deficit of 3.3 per cent of GDP.

The thrust on capital expenditure was sustained as capital expenditure remained steady at 2.7 per cent of GDP in 2023-24 and 2024-25 and is budgeted at 3.2 per cent of GDP in 2025-26. The consolidated outstanding liabilities of States remained elevated in the post-pandemic period with a budget estimate of 29.2 per cent of GDP at end-March 2026.

Indian States are at different stages of demographic transition, which increasingly shape their finances. Youthful States have a wider window of opportunity due to an expanding working-age population and stronger revenue mobilisation, which can be harnessed through higher investment in human capital. In contrast, ageing States face a narrowing window, with fiscal pressures arising from shrinking tax bases and rising committed expenditure, calling for higher revenue capacity and reforms in healthcare, pensions and workforce policies. Intermediate States need to balance growth priorities with early preparation for ageing.

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