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Top 11 states to spend Rs 4L cr on social welfare in FY24
The Business Guardian
|August 24, 2023
Social welfare spending by top Indian states is projected to reach a 10-year high of Rs 4 lakh crore, equivalent to 1.7 percent of their combined Gross State Domestic Product (GSDP), in the ongoing fiscal year, according to a report by a domestic rating agency released on Wednesday.
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Crisil Ratings analysed the budgets of the top 11 states, which collectively account for over three-fourths of the aggregate GSDP. The agency’s report highlighted that the growth in social welfare schemes is anticipated to experience a 16 percent compound annual growth rate (CAGR) between the fiscal years 2017-18 and 2023-24.
During the same period, revenue receipts for these states grew by 11 percent, the report stated.
The report encompassed the budgets of Maharashtra, Gujarat, Karnataka, Tamil Nadu, Uttar Pradesh, Telangana, Rajasthan, West Bengal, Madhya Pradesh, Andhra Pradesh, and Kerala.
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