UP, Gujarat, Jharkhand, 10 other States record revenue surplus in FY25: CAG report
While Uttar Pradesh, Gujarat, Jharkhand, Manipur and nine other states recorded surplus revenue in 2024-25, the remaining 15 states experienced budget deficit.
According to the ‘State Finance 2024-25’ report released by K Sanjay Murthy, Comptroller and Auditor General of India, on Tuesday, June 16, 2026, 18 States targeted revenue surplus, three States targeted revenue deficit and seven states targeted zero revenue deficit in FY 2024-25.
“In Financial Year 2024-25, 15 States had revenue deficit while the remaining 13 States had revenue surplus,” the report said.
While nine of the 18 States targeting revenue surplus achieved the target, Assam, Bihar, Chhattisgarh, Haryana, Himachal Pradesh, Karnataka, Maharashtra, Mizoram and Telangana posted revenue deficit in 2024-25.
Seven states (Goa, Jharkhand, Punjab, Rajasthan, Tamil Nadu, Tripura and Uttar Pradesh) have targeted zero revenue deficit.
Among them, four states (Goa, Jharkhand, Tripura and Uttar Pradesh) had a revenue surplus, while Punjab, Rajasthan and Tamil Nadu ended the year with a revenue deficit.
Of the 15 states with revenue deficit in 2024-25, Himachal Pradesh, Mizoram, Punjab and West Bengal have received revenue deficit grants from the Finance Commission.
The report also stated that if the indicative fiscal deficit target of three per cent of GSDP set by the Fifteenth Finance Commission for 2024-25 is taken into account for the fiscal consolidation path of the states, 18 states are above the target.
The total revenue deficit of 15 revenue deficit states, excluding net revenue surplus of 13 States, stood at ₹ 3,46,385 crore; this was 1.5% of their total GDP. The net revenue deficit, after adjusting for revenue surplus in 13 States, stood at ₹2,19,041 crore, or 0.68% of the total GDP of 28 States.
“I hope that the publication on State Finance 2024-25 will serve as a useful evidence-based resource for governments, researchers, policy makers and citizens, providing deeper understanding of state finances and supporting informed fiscal decision-making,” said CAG Murthy.
The publication highlights the growing importance of the States’ own tax revenues, which account for 50% of the total revenue receipts of Rs 40.52 lakh crore across the 28 States in 2024-25.
State GST accounted for more than 43% of the United States’ own tax revenues.
The states that witnessed a significant increase in fiscal deficit in 2024-25 compared to 2023-24 were Andhra Pradesh, Assam, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Mizoram, Nagaland, Odisha, Tripura and Uttarakhand.
It was published – 16 June 2026 23:35 IST
