The State of State Finances in India:A Time-Series Analysis

R Sthanumoorthy

The IUP Journal of Public Finance, 2005, vol. III, issue 2, 43 - 61

Abstract: In recent years, restoration of the ailing finances of the states in India has been a major policy goal among the policymakers. Several reform initiatives were mooted towards this end, but of little use. The states continue with their fiscal profligacy. In this context, this paper seeks to examine the changing course of finances of the states during the last two decades. The seeds of the fiscal crisis, which the states face today, were sown long back in the mid-1980s. The paper looks at how the fiscal parameters of the states have behaved overtime. It shows a secular decline in the fiscal situation of the states overtime. In particular, the 1990s, especially the second half of the decade, has seen a sharp deterioration in the state finances, as evidenced by the unprecedented increases in the revenue and fiscal deficits, debt and debt repayment liabilities, and significant decline in the growth of revenue receipts.

Date: 2005
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