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Based on the monthly accounts available for 18 states (together accounting for approximately 86% of all states), total spending for states grew 3.1% YoY in Q3 FY21, and total receipts grew just 1% YoY during the quarter.
Consequently, states’ fiscal deficit stood at Rs 1.3 trillion (or 2.4% of gross domestic product ) in Q3 FY21, the lowest in the past four quarters.
Although states’ own receipts grew (9.8% YoY) for the first time in three quarters, transfers from the center declined for the second successive quarter.
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