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Published on March 30, 2011

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Foreword
List of Abbreviations
Chapter I: Overview
1.	Introduction
2.	Preview
Chapter II: Issues and Perspectives
1.	Introduction
2.	Revised Fiscal Roadmap for States
3.	Implications of Recommendations of Thirteenth FC
4.	Introduction of Goods and Services Tax
5.	Expenditure Management
6.	Surplus Cash Balances
7.	Disclosure and Dissemination in State Budgets
8.	Strengthening the State Finance Commissions
9.	Conclusion
Chapter III: Policy Initiatives
1.	Introduction
2.	State Governments
3.	Government of India
4.	Reserve Bank of India
5.	Conclusion
Chapter IV: Consolidated Fiscal Position of State Governments
1.	Introduction
2.	Accounts: 2008-09
3.	Revised Estimates: 2009-10
4.	Budget Estimates: 2010-11
5.	Assessment
6.	Conclusion
Chapter V: State-wise Analysis of Fiscal Performance
1.	Introduction
2.	Deficit Indicators of the State Governments
3.	Revenue Account of the State Governments
4.	Expenditure Pattern of the State Governments
5.	Conclusion
Chapter VI: Outstanding Liabilities, Market Borrowings and Contingent Liabilities of State Governments
1.	Introduction
2.	Outstanding Liabilities
3.	State-wise Debt Position
4.	Market Borrowings
5.	Contingent Liabilities
6.	Liquidity Position and Cash Management
7.	Investment of Cash Balances
8.	Debt Consolidation and Debt Relief
9.	Conclusion
Chapter VII: Finance Commissions in India: An Assessment
1.	Introduction
2.	Centre-State Financial Relations: Indian Context
3.	Developments in Mandate
4.	Devolution of Resources from Centre to States
5.	Extent of Equalisation
6.	Conclusion
ANNEX 1
Major Policy Initiatives of State Budgets 2010-11
LIST OF BOXES
III.1.	Inflation and Supply-Side Measures at the States’ Level
III.2.	West Bengal Fiscal Responsibility and Budget Management Act 2010
IV.1.	State Level Public Enterprises and State Finances
V.1.	Fiscal Consolidation: Revised Roadmap for States
VI.1.	Efficient Management of State Market Borrowings – Cost and Spread
VII.1.	Transfers from Centre to States: Degree of Equalisation
LIST OF TABLES
III.1.	Institutional Reforms by State Governments
IV.1.	Major Deficit Indicators of State Governments
IV.2	Variation in Major Items – 2008-09 (Accounts) over 2008-09 (RE)
IV.3	Variation in Major Items – 2009-10 (RE) over 2009-10 (BE)
IV.4	Variation in Major Items – 2010-11 (BE) over 2009-10 (RE)
IV.5	Aggregate Receipts of State Governments
IV.6	Cost Recovery of Select Services
IV.7	Expenditure Pattern of State Governments
IV.8	Development Expenditure vis-a-vis Total Expenditure
IV.9	Trend in Aggregate Social Sector Expenditure of State Governments
IV.10	Expenditure on Social Services (Revenue and Capital Accounts) Composition
IV.11	State-wise Correction of RD and GFD – 2010-11 (BE) over 2009-10 (RE)
IV.12	Decomposition and Financing Pattern of Gross Fiscal Deficit – 2008-09 (Accounts) to 2010-11 (BE)
IV.13	Budgetary Data Variation – State Budgets and Union Budgets
V.1	Deficit Indicators of State Governments
V.2	Share of Special and Non-special Category States in Deficit Indicators
V.3	Revenue Receipts of the State Governments
V.4	Revenue Expenditure of State Governments
V.5.	Expenditure Pattern of State Governments
VI.1	Outstanding Liabilities of State Governments
VI.2	Composition of Outstanding Liabilities of State Governments (As at end-March)
VI.3	State-wise Debt-GSDP Position
VI.4	Interest Rate Profile of the Outstanding Stock of State Government Securities (As at end-March)
VI.5	Market Borrowings of State Governments
VI.6	Maturity Profile of Outstanding State Government Securities
VI.7	Average Interest Rate on Outstanding Liabilities of State Governments
VII.1	Recommended Share of States in Major Divisible Taxes
VII.2	Pattern of Transfers from Centre to States by Finance Commissions
LIST OF CHARTS
IV.1	Trend in Interest Receipts
IV.2	Composition of Committed Expenditure
IV.3	Major Components of Capital Receipts
IV.4	Cyclical behaviour of Tax Devolution and Grants from Centre vis-a-vis GDP
V.1	VAT as per cent of OTR in Non-special Category States
V.2	Financing of Interest Payments by Primary Revenue Balance in Non-special Category States - 2009-10 (RE)
V.3	Pre-emption of Revenue receipts by Interest Payments and Committed Expenditure in Non-special Category States - 2009-10 (RE)
V.4	Composition of Interest Payments in Non-special Category States - 2009-10 (RE)
V.5	VAT as per cent of OTR in Special Category States
V.6	Pre-emption of Revenue Receipts by Interest Payments and Committed Expenditure in Special Category States - 2009-10 (RE)
VI.1	Deficit, Debt and Interest Burden
VI.2	Utilisation of WMA and Overdraft by States (Average of daily outstanding)
VI.3	Investment in 14-day Intermediate and Auction Treasury Bills by the State Governments (Average of Friday outstanding)
VII.1	Transfers as Ratio to Revenue Receipts and Revenue Expenditure of States
LIST OF APPENDIX TABLES
1	Major Deficit Indicators of State Governments
2	Consolidated Budgetary Position at a Glance
3	Revenue Receipts
4	Revenue Expenditure
5	Capital Receipts
6	Capital Disbursements
7	Devolution and Transfer of Resources from the Centre
8	Development and Non-Development Expenditure
9	Development Expenditure - Major Heads
10	Non-Development Expenditure - Major Heads
11	Development and Non-Development Expenditure - Plan and Non-Plan Components
12	Development and Non-Development Expenditure - Revenue and Capital Components
13	Plan and Non-Plan Expenditure - Revenue and Capital Components
14	Non-Plan Non-Development Expenditure of States
15	Composition of Social Sector Expenditure
16	Decomposition of Gross Fiscal Deficit
17	Financing of Gross Fiscal Deficit
18	Financing of Gross Fiscal Deficit - As per cent to Total
19	Composition of Outstanding Liabilities of State Governments (As at end-March)
20	Composition of Outstanding Liabilities of State Governments – As proportion to Total (As at end-March)
21	State Government Market Borrowings
22	Distribution Criteria of the Net Proceeds of Income Tax
23	Distribution Criteria of the Union Excise Duties
LIST OF STATEMENTS
1.	Major Fiscal Indicators
2.	Revenue Deficit/Surplus
3.	Conventional Deficit/Surplus
4.	Gross Fiscal Deficit/Surplus
5.	Decomposition of Gross Fiscal Deficit
6.	Financing of Gross Fiscal Deficit - 2008-09 (Accounts)
7.	Financing of Gross Fiscal Deficit - As per cent to Total - 2008-09 (Accounts)
8.	Financing of Gross Fiscal Deficit - 2009-10 (RE)
9.	Financing of Gross Fiscal Deficit - As per cent to Total - 2009-10 (RE)
10.	Financing of Gross Fiscal Deficit - 2010-11 (BE)
11.	Financing of Gross Fiscal Deficit - As per cent to Total - 2010-11 (BE)
12.	Development Expenditure
13.	Non-Development Expenditure
14.	Plan Expenditure
15.	Non-Plan Expenditure
16.	Non-Plan Non-Development Expenditure
17.	Interest Payments
18.	Tax Revenue
19.	Own Tax Revenue
20.	Non-Tax Revenue
21.	Own Non-Tax Revenue
22.	Share in Central Taxes
23.	Grants from the Centre
24.	Loans from the Centre
25.	Devolution and Transfer of Resources from the Centre
26.	Composition of Outstanding Liabilities (As at end-March 2009-2011)
27.	Total Outstanding Liabilities of State Governments (As at end-March)
28.	Total Outstanding Liabilities of State Governments - As percentage of GSDP (As at end-March)
29.	Markets Borrowings of State Governments
30.	Plan Outlay of State Governments
31.	Capital Receipts and Capital Expenditure
32.	State Government Market Loans
33.	Outstanding Market Loans of State Governments (As at end-March 2010)
34.	Maturity Profile of Outstanding State Government Securities (Outstanding as on March 31, 2010)
35.	Maturity Profile of Outstanding State Government Securities - As Percentage to total (Outstanding as on March 31, 2010)
36.	Select Committed Expenditure of State Governments - As Ratio to States’ Own Revenue
37.	Select Committed Expenditure of State Governments - As Ratio to Revenue Expenditure
38.	Availment of WMA and Overdraft from the Reserve Bank
39.	Ways and Means Advances from the Centre
40.	Investment Outstanding in 14-day Intermediate Treasury Bills (As at end-March)
41.	Expenditure on Education - As Ratio to Aggregate Expenditure
42.	Expenditure on Medical and Public Health and Family Welfare - As Ratio to Aggregate Expenditure
43.	Outstanding Guarantees of State Governments (As at end-March)
44.	Expenditure on Wages and Salaries
45.	Expenditure on Operations and Maintenance
46.	Social Sector Expenditure
47.	Social Sector Expenditure to Total Expenditure
48.	Debt/Interest Relief availed by eligible States under DCRF recommended by Twelfth FC
49.	Decomposition of Recommended Per Capita Transfers : Tenth FC
50.	Decomposition of Recommended Per Capita Transfers : Eleventh FC
51.	Decomposition of Recommended Per Capita Transfers : Twelfth FC
52.	Decomposition of Recommended Per Capita Transfers : Thirteenth FC
APPENDICES
I.	Revenue Receipts of States and Union Territories with Legislature
II.	Revenue Expenditure of States and Union Territories with Legislature
III.	Capital Receipts of States and Union Territories with Legislature
IV.	Capital Expenditure of States and Union Territories with Legislature
NOTES TO APPENDICES