Uttar Pradesh, Gujarat, Jharkhand, Manipur, and nine other States recorded surplus revenues in 2024-25, while the remaining 15 States had a deficit.
Eighteen States targeted revenue surplus, three States targeted revenue deficit, and seven targeted zero revenue deficit in FY 2024-25, according to a report on ‘State Finances 2024-25’ released by Comptroller and Auditor General of India K Sanjay Murthy on Tuesday (June 16, 2026).
“In FY 2024-25, 15 States were revenue-deficient while the rest 13 States were revenue surplus,” the report said.
Of the 18 States that targeted revenue surplus, nine achieved the target, while Assam, Bihar, Chhattisgarh, Haryana, Himachal Pradesh, Karnataka, Maharashtra, Mizoram, and Telangana ended up being revenue deficit in 2024-25.
Seven states -Goa, Jharkhand, Punjab, Rajasthan, Tamil Nadu, Tripura, and Uttar Pradesh- targeted a zero-revenue deficit.
Among them, four States -Goa, Jharkhand, Tripura, and Uttar Pradesh – achieved a revenue surplus, whereas Punjab, Rajasthan and Tamil Nadu ended the year with a revenue deficit.
Of the 15 States that were revenue-deficient in 2024-25, Himachal Pradesh, Mizoram, Punjab and West Bengal received Finance Commission revenue deficit grants.
The report further said that if the indicative fiscal deficit target of three per cent of the GSDP, fixed by the Fifteenth Finance Commission for 2024-25, for States’ fiscal consolidation path is considered, then 18 states were above the target.
The aggregate revenue deficit of 15 revenue-deficit states, without netting revenue surplus of 13 States, stood at ₹3,46,385 crore, which was 1.5% of their combined GSDP. The net revenue deficit, after adjusting the revenue surplus in 13 States, stood at ₹2,19,041 crore, 0.68% of the combined GSDP of all 28 States.
“I hope that the publication on State Finances 2024-25 will serve as a useful evidence-based resource for governments, researchers, policymakers and citizens, enabling a deeper understanding of state finances and supporting informed fiscal decision-making,” CAG Murthy said.
The publication highlights the growing importance of States’ own tax revenues, which accounted for 50% of the combined total revenue receipts of ₹40.52 lakh crore across the 28 States in 2024-25.
State GST constituted more than 43% of the combined States’ own tax revenues.
The States which witnessed a substantial increase in fiscal deficit in 2024-25 as compared to 2023-24 were Andhra Pradesh, Assam, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Mizoram, Nagaland, Odisha, Tripura and Uttarakhand.
Published – June 16, 2026 11:35 pm IST
