States’ budgeted revenue mop-up in 2024-25 to beat pre-Covid level: PRS report
central transfers, according to a report by PRS Legislative Research.
States have budgeted their combined revenue mop-up at 14.3% of gross state domestic product (GSDP) for 2024-25, compared with 13.3% in the last fiscal and 13.8% in the pre-Covid year of 2018-19, the report said.
While the pandemic flared up in India in 2020-21, it did impact economic output towards the end of 2019-20, especially in the wake of a lockdown in late March in 2020, although the slowdown had set in before the Covid onslaught.
While states’ own revenue mop-up has exceeded the 2018-19 level since 2022-23, lower central transfers have kept their overall revenue collections from rising in tandem, thanks to the discontinuation of GST compensation grants and lower devolution, it said.
Their own revenue collection is budgeted to touch 8.3% in 2024-25, against 7.7% in the last fiscal and 7.5% in 2018-19.
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