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Motilal Oswal Report
Based on the monthly accounts of 18 states (together accounting for ~87% of all states), the total receipts of all states surged 21.4% YoY in Q2 FY22, leading to growth of 24.8% YoY in H1 FY22.
On the contrary, the total spending by states grew relatively slower by 16.8% YoY last quarter, implying growth of 16.2% YoY in H1 FY22.
Consequently, on an aggregate level, states' fiscal deficit stood at 40.2% of budget estimate in H1 FY22 – this was lower than 55.6% of BE (44.4% of provisional estimates) in H1 FY21, but higher than the average of 36.5% of BEs (44% of actuals) in the first halves of FY18 to FY20.
States' total taxes grew 22.8% YoY in Q2 FY22, supported by a favorable base (down 10.4% YoY in Q2 FY21).
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