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According to the Reserve Bank of India’s report titled State Finances: A Study of Budgets of 2023-24, states have sustained improvement in their finances — which was achieved in the financial year 2021-22 — even during 2022-23 with a combined gross fiscal deficit (GFD) at 2.8 per cent of the gross domestic product (GDP). States’ total outstanding liabilities are budgeted to fall to 27.6 per cent of GDP for 2023-24 from the peak of 31 per cent in 2020-21. However, outstanding liabilities may remain higher than 30 per cent of gross state domestic product (GSDP) for many states. In terms of expenditure dynamics, revenue expenditure growth slowed to 8.9 per cent, creating room for higher capital outlay, which surged by 52.6 per cent during the first half of the current financial year. States’ dependence on net market borrowings, which had risen significantly in the past, declined to 76 per cent in the budgeted GFD for 2023-24. Gross market borrowings increased in 2022-23, reaching Rs 7.58 trillion, with some states reducing borrowings in the past two years. Net market borrowings increased by 5.4 per cent in 2022-23, and were concentrated in specific states. In the year 2023-24, states have budgeted revenue expenditure at 14.4 per cent of GDP, with social sector expenditure at 8 per cent of GDP. Committed expenditure, which includes interest payments, administrative services, and pension, is expected to remain at 4.5 per cent of GDP.
Which British official was responsible for the fatal attack on Lala Lajpat Rai?
Which river is the only natural water source that drains into a lake in the desert?
In which year, the British defeated the Marathas in Rohilkhand?
In which state of India, the ‘Cherchera Festival’ has been celebrated on the full moon night of the 'Paush' Hindu calendar month.
"Nua Khai - a harvest festival" is mainly celebrated in which state in India?
What thematic equity scheme did Kotak Mutual Fund launch?
Imphal is the capital of which state?
What is the value of the contract signed by the Ministry of Defence with Advanced Weapon Equipment India Limited (AWEIL) for remote control guns?
What is the target year for the Open Acreage Licensing Policy (OALP) to achieve its objectives?
In the recent Commonwealth Games held in Birmingham, Saurav Ghosal bagged the bronze medal in the event for____?