State revenues stronger: Revenue receipts surpass pre-Covid level in FY22

The states’ own tax revenue, which comprised 46% of the total revenue, rose 20% in FY22 from the pre-Covid period.

State revenues stronger: Revenue receipts surpass pre-Covid level in FY22
Capital spending expanded to Rs 5 trillion in FY22 and exceeded the pre-pandemic level by 35%.

The revenue receipts of states in FY22 surpassed the pre-Covid level to touch Rs 29.8 trillion, which is 26% higher than the FY21 and 20.5% higher than the FY20 levels, an ICRA research from provisional data of 26 states show.

The states’ own tax revenue, which comprised 46% of the total revenue, rose 20% in FY22 from the pre-Covid period, and the tax devolution of Rs 8.5 trillion, a growth of 38.5% from the pre-Covid period, helped drive states’ revenue in the last fiscal.

Capital spending expanded to Rs 5 trillion in FY22 and exceeded the pre-pandemic level by 35%.

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