Twelve large Indian states, which have released their local budgets over the past few weeks and forecast aggressive spending growth in 2023-24, are likely to fall short of their targets posing a risk to economic growth, experts said.
The states - including Maharashtra, home to the country's financial capital Mumbai, India's most populated state Uttar Pradesh and Prime Minister Modi's home state of Gujarat - are estimating expenditure to have risen 21.5% in 2022-23, and plan to increase it further by 11% in 2023-24.
"While the latest budgets are factoring in an aggressive spending growth in the coming year , it must be borne in mind that states have generally failed to achieve their spending targets in recent years, I-SEC PD economists Tadit Kundi, A Prasanna and Abhishek Upadhyay wrote.Indian states collectively tend to spend more than the federal government and have an important bearing on growth and welfare.
Bhandari attributes slower state spending to an end of a compensation cess, volatility in oil prices and an increase in commitments linked to social schemes sponsored by the center.off-budget borrowings by the states, Bhandari said.Reuters Graphics
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