A review of the finances of 18 large states by FE showed that their capex in April-January this fiscal was up a solid 37% on year.
This augurs well for overall public capex and the economy as a whole. It shows states have not only quickly reversed the slump in capital expenditure witnessed in FY21 but have also consolidated the trend.
The development also bears out the notion that the withdrawal of GST compensation hasn't dented the states' revenues or spending power much. Release of interest-free loans and quick tax transfers by the Centre also helped.
WHILE TAX REVENUES of states remained reasonably strong, many of them have also raised the borrowing levels to augment capex.
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