States spend two-thirds of public money but get little scrutiny. PRS data shows cracks that could stall India’s growth
In 2023-24, states spent 60% of revenue on pay, pensions, and subsidies — even borrowing to meet daily expenses
States’ infrastructure push depends on 50-year interest-free central loans. Without them, growth could falter fast
Rich states earn and spend more; poor states struggle. Fiscal divides are deepening India’s regional inequality
Cash transfers for women surged to ₹1.68 trillion in 2025-26. Many states borrow to fund giveaways, risking debt traps
States owe 27.5% of GDP — above safe limits. Hidden guarantees add strain. Fiscal discipline can’t wait any longer