While the Centre has been able to overachieve its fiscal targets in most years, states in aggregate have also managed to be fiscally prudent, though the nature of consolidation has differed for both. Unlike the Centre, which enjoyed a better revenue stream to fund its spending, most states' fiscal discipline came at the cost of under-spending compared to their budgets thanks to missed revenue projections versus what was budgeted.
While markets tend to mostly focus on the Centre's budgetary choices, state finances are an equally important component of India's fiscal policy states collectively spend more than the Union government (excluding the public sector enterprises), and their gross dated borrowing generally amounts to approximately 65 per cent of the Centre's. Empirical evidence also points to higher multipliers for state capital expenditure (capex) relative to that of the Centre. The changing political map of India has reignited fears that political capital could get compromised, which would worsen budgetary choices and economic efficiencies. This merits a review of the deficit profiles of the states through the lens of the current fiscal and political landscape.
Denne historien er fra October 31, 2024-utgaven av Business Standard.
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Denne historien er fra October 31, 2024-utgaven av Business Standard.
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Maha Kumbh 2025 to give state a chance to wave tourism potential
To leverage its religious and spiritual tourism potential, the Uttar Pradesh government is pitching for global branding of Maha Kumbh Mela 2025, one of the world's largest congregations of pilgrims.
Highways: UP's path to become first $1 trn state
Uttar Pradesh (UP), one of India's top state economies, is aiming to become the nation's first $1 trillion economy.
'UP has largest investment portal in the country'
Nivesh Mitra offers 491 online services and is adding more, say senior bureaucrat
Chips to tourism: State marks out sectors for support and growth
Uttar Pradesh is on the track to become a $1 trillion economy by 2027-28 due to a host of factors, including increased spending on infrastructure, improved law and order, and better business environment.
'Industry has to heed the environment'
In the era of rapid industrialisation, businesses are required to adopt processes and technologies that are environment-friendly and achieve the goal of sustainability. RAVINDRA PRATAP SINGH, chairman of Uttar Pradesh Pollution Control Board (UPPCB), in an interview with Siddharth Kalhans in Lucknow said the board had been nudging industries to adopt eco-friendly technologies. He also spoke about the steps being taken to make people environment-conscious. Edited excerpts:
UP green plan: Use tech to help boost agriculture
Over the next few years, the state aims to increase value of farm exports from ₹20,000 crore to ₹50,000 crore by boosting productivity and food processing
Wheels of change turn electric as state expands its green fleet of buses
The Yogi Adityanath government in Uttar Pradesh (UP) will expand its electric bus fleet to improve public transportation.
'UP has extensive land bank for industries'
As several investments come to Uttar Pradesh (UP), the demand for industrial plots is rising. The Global Investors Summit, held in Lucknow last year, fetched investments worth more than ₹40 trillion. The state government is expanding existing industrial areas and creating new ones. Sector-specific industrial parks are also being set up. MAYUR MAHESHWARI, Chief Executive Officer (CEO) of UP State Industrial Development Authority (UPSIDA), in an interview with Siddharth Kalhans in Lucknow spoke about plans to help industries. Edited excerpts:
'Investments in UP spread across regions'
Leaving behind the tag of being a Bimaru’ state, Uttar Pradesh UP) has marched forward to become one of the most favoured destinations for investors. The state government has introduced a new industrial policy providing more sops, incentives, and rebates to industries. Various sectoral policies have been implemented to support these industries. Minister for Industrial Development, Export Promotion, NRI Investment Promotion of UP, in an interview with Siddharth Kalhans of the Business Standard Samriddhi round table, shared details of the steps taken to boost the economy, exports, and industries in UP. Edited excerpts:
State's priority sectors need ₹5.73 trn lending in FY25
Signalling a major boost to the $1 trillion economy target of Uttar Pradesh, the priority sector credit flow is estimated to touch ₹5.73 trillion in the current financial year 2024-25 (FY25), marking an over 50 per cent growth year-on-year.
