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The Ministry of Finance, in its recent Monthly Economic Review, has expressed concern over the fiscal health of several Indian states. The report warns that states with high revenue deficits, rising debt burdens, and heavy interest payment obligations may struggle to cope with future fiscal shocks or economic slowdowns. Fiscal Position of the Union Government Central Government’s Fiscal Resilience The Union Government has maintained a relatively cautious and disciplined fiscal strategy. According to the review, the Centre’s fiscal framework is supported by: Conservative tax buoyancy assumptions Controlled expenditure management Creation of the Economic Stabilisation Fund The report notes that the…
08 May, 2026
Ministry of Finance
Fiscal Developments India has shown remarkable fiscal resilience, supported by improved fiscal indicators and stronger revenue performance. In 2025, India also earned a sovereign credit rating upgrade from S&P to BBB, strengthening investor confidence. Aspect Details Fiscal Deficit Target India is on track to reach a fiscal deficit of 4.4% in FY26, while the budget estimate for FY27 is 4.3%. Debt-to-GDP Ratio The debt-to-GDP ratio is estimated at 55.6% for BE 2026-27, with a medium-term goal to converge to 50±1% by FY31. Revenue Buoyancy Revenue receipts rose to 9.1% of GDP during FY22-25, compared with 8.5% in the pre-pandemic period.…
20 April, 2026
Ministry of Finance
NITI Aayog Fiscal Health Index 2026 NITI Aayog recently released the second edition of the Fiscal Health Index (FHI) 2026, evaluating state finances for FY 2023-24. The assessment is based on five pillars: quality of expenditure, revenue mobilization, fiscal prudence, debt index, and sustainability. Aspect Details Expanded Scope For the first time, the index included 10 North-Eastern and Himalayan states along with 18 major states, making the assessment more inclusive of India’s fiscal diversity. Top Performers Odisha retained the top position, followed by Chhattisgarh, Goa, and Jharkhand. These states were categorized as “Achievers” due to strong revenue mobilization and disciplined…
17 April, 2026
Ministry of Finance
CAG Report on Rising Public Debt On 4th September 2025, the Comptroller and Auditor General (CAG) released a decadal analysis of the fiscal health of India’s 28 states. The report highlighted a sharp rise in public debt over the last decade, indicating a heavier fiscal burden on state finances. Aspect Details Report Focus The CAG report presented a decadal analysis of state finances and examined the rising public debt of India’s 28 states. Debt Growth States’ total public debt increased 3.39 times between 2013-14 and 2022-23. Debt-to-GSDP Rise Debt as a share of Gross State Domestic Product (GSDP) rose from…
17 April, 2026
Ministry of Finance
Economic Stabilisation Fund The Economic Stabilisation Fund was announced on March 13, 2026 by the Union Finance Ministry as a fiscal cushion against sudden shocks. It is designed to help the government respond to unexpected domestic or global economic disruptions without immediately disturbing routine budget planning. Such a fund becomes important during situations like volatile energy prices, supply-chain breakdowns, market stress or geopolitical conflict. It gives the government a faster response tool for extraordinary expenditure needs. Aspect Details Main purpose Provides a specialised fiscal buffer to deal with domestic and external economic shocks. Budget link Government allocation is proposed through…
02 April, 2026
Ministry of Finance
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