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Motilal Oswal Report
Based on the monthly accounts available for 15 states (together accounting for approximately 68% of all states), total receipts of states declined 17.9% YoY in Q2 FY21, while total spending contracted 12.1% YoY during the quarter.
Accordingly, states' fiscal deficit increased to Rs 1.5 trillion in Q2 FY21 and Rs 3.6 trillion (or ~4.2% of gross domestic product ) in H1 FY21.
Details suggest the states' total tax receipts (including the center's devolution) fell 12.1% YoY, non-tax revenue receipts shrank 21.2% YoY, and grants from the center declined 31.3% YoY in the second quarter of FY21.
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