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In FY25, Punjab is set to experience financial challenges as its capital-to-revenue expenditure ratio is the lowest among all states, standing at just 6.2%, highlighted a research report by the <keyword id="19938957" type="General" weightage="100" keywordseo="National-Stock-Exchange" source="keywords">National Stock Exchange</keyword> (NSE). This means that for every rupee Punjab spends, a very small portion is being allocated towards capital expenditure, which is crucial for long-term <keyword id="19971350" type="General" weightage="20" keywordseo="infrastructure-development" source="keywords">infrastructure development</keyword>. In contrast, the research showed that the states like Gujarat lead the way with a much higher ratio of 36.2%, signaling a stronger focus on capital spending that can drive future growth. "The capital-to-revenue expenditure ratio, a measure of expenditure quality, is set at 20.7 % for FY25BE, declining from 21.2 % in FY24RE. Punjab has the lowest ratio at 6.2 %, while Gujarat leads at 36.2 %" said the report. The report also highlighted that the overall, capital expenditure by Indian states is expected to moderate in FY25 after three years of strong growth. It stated that the total capital spending for the fiscal year is estimated to increase by just 6.5 % to Rs 6.5 lakh crore. This is a notable slowdown compared to the sharp 39.3 % rise in FY24, which was marked by a post-pandemic push to boost infrastructure and public projects. The capital-to-revenue expenditure ratio, a key indicator of the quality of spending, is also set to decline slightly to 20.7 %in FY25 from 21.2 %in FY24, reflecting a more cautious approach by states. At the same time, revenue expenditure, which covers recurring costs like salaries, subsidies, and interest payments, is expected to grow by 8.9 % to Rs 44.2 lakh crore. This is the slowest growth in the last four years, indicating tighter control over everyday spending. "<keyword id="23614983" type="General" weightage="20" keywordseo="committed-expenditure" source="keywords">Committed expenditure</keyword> (interest payments and pensions), on the other hand, remains high, comprising about 24 % of total revenue expenditure and consuming nearly a quarter of revenue receipts" the report added. Despite this, the report noted that a large portion of revenue expenditure remains committed to non-discretionary costs. Interest payments and pensions alone account for about 24 % of total revenue expenditure and consume nearly a quarter of the revenue receipts, limiting states' flexibility in spending. Some states are more burdened than others by this committed expenditure. Punjab, Kerala, Himachal Pradesh, and Tamil Nadu have earmarked over 35 %of their revenue receipts for these fixed costs in FY25, putting additional pressure on their finances. This leaves less room for discretionary spending and makes it harder for these states to invest in development and growth-oriented projects.

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

<ul><li><keyword id="47268" type="ORGANIZATION" weightage="20" keywordseo="PNB">PNB</keyword>, India’s second-largest government-owned bank, reported a loss of ₹134.2 billion for the quarter ended March 31st. </li><li>The bank’s provisions surged nearly five times to ₹203.5 billion because it is liable to pay back a lot of the loans that <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword> has defaulted on. </li><li>Modi and his associates defrauded these banks of ₹130 billion ($1.92 billion) between 2011 and 2017- India’s biggest banking fraud. </li></ul> The name “Nirav Modi” isn’t likely to go out of news cycles anytime soon. This past February, it came to light that Modi, a prominent Indian jeweller and billionaire, had used his clout to allegedly procure fraudulent letters of undertaking from a Mumbai branch of the <keyword id="62034" type="ORGANIZATION" weightage="100" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> (PNB). He then used the letters to get loans from not only PNB, but a number of Indian banks like State Bank of India and <keyword id="6358005" type="ORGANIZATION" weightage="20" keywordseo="allahabad-bank">Allahabad Bank</keyword>, and eventually defaulted on the loans, despite issuing additional letters to pay back these loans. Modi and his associates defrauded these banks of ₹130 billion ($1.92 billion) between 2011 and 2017. This is the biggest banking fraud in India’s history. And now, it’s led to the highest quarterly loss ever by an Indian bank. PNB, India’s second-largest government-owned bank, reported a loss of <a href="https://www.pnbindia.in/downloadprocess.aspx?fid=qTvsjnzvILodoPNEqn9wCQ==">₹134.2 billion</a> for the quarter ended March 31st. Its loss even exceeded its total revenue of ₹129.5 billion. Given that PNB sanctioned the invalid letters of undertaking, it is the main bearer of liability for the loans that Modi and his partner firms have defaulted on. It will have to drum up the payments for these letters of credit itself. Hence, it’s provisions for bad loans and defaulted accounts surged 355% from the previous quarter to a staggering ₹203.5 billion. Around 40% of this figure was accounted for by the Nirav Modi fraud alone. In fact, after staying well under the ₹600 billion mark for all of 2017, the bank’s total amount of bad loans ballooned to ₹866 billion by the end of March 2018. There were around ₹291 billion of fresh bad loans in just the last quarter of fiscal 2018. The bank’s growth will be severely limited for the foreseeable future. All the capital that the managed to raise from institutional investors, <a href="https://www.thehindubusinessline.com/markets/pnb-raises-rs-5000-cr-via-qualified-institutional-placement/article9989982.ece">₹50 billion</a> in December 2017, and the government, <a href="https://www.bloombergquint.com/business/2018/03/08/over-a-dozen-state-owned-banks-to-get-rs-46000-crore-capital-infusion-this-month#gs.3aHyZcg">₹54 billion</a>, was insufficient to cover its provisions, let alone its other growth initiatives and capital expenditure. Given the dire state of PNB’s finances, it is likely to be put under the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>’s Prompt Corrective Action watchlist (PCA). The operations of 11 of India’s 21 state-owned banks are already being monitored under the PCA programme, which imposes restrictions on fresh loans. PNB is already said to be taking steps to make credit underwriting norms more rigorous and improving its internal auditing process. Meanwhile, the Nirav Modi fraud is still being investigated by India’s Central Bureau of Intelligence and judicial authorities, and names are finally being named. A charge sheet against Modi and his uncle, Mehul Choksi, - both of whom are absconding - was filed by the investigative agency earlier this week. <a href="http://www.business-standard.com/article/current-affairs/pnb-scam-two-bank-execs-removed-allahabad-bank-chief-to-step-down-118051400782_1.html">A number of other people</a>, including senior directors at PNB and Allahabad Bank, were also charged in the filing for various breaches. The senior management of all the banks involved will likely be cleaned out and reshuffled.

How one fraudster drove Punjab National Bank to the highest quarterly loss in the history of Indian banking

Mumbai, Jun 9 () At a time when the financial sector is passing through a rough patch and looking at ways to conserve capital, country's second largest lender Punjab National Bank (PNB) has bought three Audi cars to ferry its top management. According to sources, the PNB took the delivery of these high-end luxury cars worth approximately Rs 1.34 crore last month, unmindful of the coronavirus outbreak, subsequent nation-wide lockdown and its crippling effect on the financial sector as well as the economy. The annual depreciation on this purchase will be around about Rs 20 lakh, sources said. These luxury cars, sources said, will be used by the managing director (MD) and two senior executive directors. Besides the MD, there are four executive directors given the size and scale of operation of the bank. These cars were purchased after the approval from the board and within the sanctioned limit for the whole-time directors, sources said, adding, this is a part of routine replacement and the unutilised Budget of the last year was carried forward for the purchase. Interestingly, the secretaries in the union government and even Cabinet ministers use Maruti Suzuki Ciaz, much less expensive than German car Audi purchased by the PNB. In protocol, the managing director of a public sector bank is equivalent to an additional secretary in the central government. Even the chairman of the country's largest lender State Bank of India who is considered a notch above the managing director of any nationalised bank uses Toyota Corolla Altis when in capital. In the wake of COVID crisis, the finance ministry last week asked all ministries and departments not to initiate any new scheme in the current financial year and said that there is a need to use resources prudently in these difficult times. Also, schemes that are already approved for the current financial year will remain suspended till March 31 next year or further orders. This would also include those schemes for which in-principle approval has been given by the respective departments. According to an office memorandum of the department of expenditure in the finance ministry, the changes have been made as there is a need to use resources prudently in accordance with emerging and changing priorities. It is to be noted that Punjab National Bank suffered heavily due to the Rs 14,000 crore Nirav Modi scam, which was unearthed in 2018. Nirav Modi and his uncle Mehul Choksi duped PNB of Rs 14,000 crore through issuance of fraudulent Letters of Undertaking (LoUs), in connivance with certain bank officials. For the third quarter ended January 2020, the bank reported a loss of Rs 501.93 crore due to substantial increase in bad loan provisioning. The bank had posted a net profit of Rs 249.75 crore for the same period a year ago. The bank made a provisioning of Rs 4,445.36 crore for bad loans during the quarter under review as against Rs 2,565.77 crore parked aside for the year-ago period. DP HV CS MKJ

PNB buys 3 Audi cars for top management amid COVID-led financial downturn

Mumbai, May 4 () Maharahstra, which has the most number of COVID-19 infections, has a room to borrow an additional Rs 42,235 crore to fight the pandemic, a report said on Monday. The western state has budgeted for a sizeable revenue deficit along with others such as Andhra Pradesh, Rajasthan, Kerala and Tamil Nadu in its budget announced before the lockdown, but has its fiscal deficit within the 3 per cent of GSDP, which will allow for the additional borrowings, domestic rating agency Care Ratings said. Maharashtra has over 12,974 confirmed cases in the national tally of 43,000 cases as of Monday and also the highest number of those dead. Its key economic centres, including capital Mumbai, Pune and Nagpur are classified as "red zones" having many containment zones, which limit economic activity. Among the states that have budgeted for a revenue deficit, Maharashtra has the highest headroom for additional borrowing, the report by the agency said. "Maharashtra can increase borrowing by Rs 42,235 crore, Tamil Nadu by Rs 3,347 crore, Haryana by Rs 2,537 crore, Punjab by Rs 516 crore and Rajasthan by Rs 113 crore," it said. The agency, however, warned that because of loss of revenues due to the ongoing lockdowns, states are under "considerable financial stress" and have been forced to delay expenditures including salaries, like in the case of Maharashtra. The state has, however, not resorted to increasing taxes on fuels to shore up its revenues like Assam, Meghalaya, Nagaland and Haryana have done in the recent days, it said. As a result of the stress, many states have resorted to additional borrowing already often at costs higher than the average ones, the report said, pointing out that borrowings in April stood at Rs 59,255 crore, which is double the size of money raised in April 2019. Maharashtra, with Rs 7,000 crore of borrowings accepted in April at a weighted average yield of 7.76 per cent, is second behind Rs 8,000 crore done by Tamil Nadu, the report said. It acknowledged that the COVID-19 relief measures entail higher expenditure to be incurred by the state governments even as they are faced with a significant loss of income/revenues from the halting of economic activity. Arunachal Pradesh, Assam, Bihar, Gujarat, Jharkhand, Karnataka, Mizoram, Uttar Pradesh, Uttrakhand and union territory of Jammu &amp; Kashmir, which have budgeted for a revenue surplus and a fiscal deficit lesser than the 3 per cent of GSDP cap under the fiscal responsibility and budget management rules, are in the best position because they have the fiscal space to borrow more, it said. AA MKJMKJ

Maharashtra has room to borrow additional Rs 42,235 cr to fight COVID-19: Report

<ul><li>The State Bank of India released its Subnational <keyword id="86986" type="ORGANIZATION" weightage="20" keywordseo="human-development-index">Human Development Index</keyword> (SHDI) today. </li><li>The list was topped by Kerala, Goa, Himachal Pradesh, Haryana, Punjab and Tamil Nadu. </li><li>The report offered an interesting assessment on the effect or lack thereof of higher <keyword id="553420" type="PERSON" weightage="20" keywordseo="social-spending">social spending</keyword>: it doesn’t necessarily translate into higher standard of living. </li></ul>The State Bank of India released its Subnational Human Development Index (SHDI) today. The index ranks states on the basis of three indicators; Education, Health and Standard of Living. The list was topped by Kerala, Goa, Himachal Pradesh, Haryana, Punjab and Tamil Nadu. While some findings weren’t very surprising - South Indian states consistently do better than their Northern counterparts while Northeastern states score poorly - the report offered an interesting assessment on the effect or lack thereof of higher social spending: it doesn’t necessarily translate into higher standard of living. In order to determine whether higher social expenditure resulted in a higher human development index (HDI) ranking, the report’s authors compared the compounded annual growth rate (CAGR) of social spending with the improvement in HDI scores for a 27 year period starting in 1990. The report showed that there was a low correlation between the two, indicating that a number of impediments such as red tapism, institutional bottlenecks, implementation inefficiencies and a lack of awareness prevent an increase in social spending from being fully effective. The conclusion will be a sobering one for India’s political parties, most of which promise significant handouts and higher social spending ahead of <keyword id="6355644" type="DEFINITION" weightage="20" keywordseo="elections">elections</keyword>. In a perfect world, India’s voters would understand that spending alone does not help. SEE ALSO: <a href="https://www.businessinsider.in/youth-inactivity-in-india-is-30-highest-among-developing-mkts-imf-economists/articleshow/68299282.cms">IMF economist raises concern over rising youth unemployment in India</a> <a href="https://www.businessinsider.in/the-state-government-of-indias-capital-new-delhi-is-all-set-to-rank-5800-schools-in-the-city-the-first-such-evaluation-exercise-of-its-kind/articleshow/66534731.cms">The state government of India’s capital New Delhi is all set to rank 5,800 schools in the city — the first such evaluation exercise of its kind</a>

Higher social spending in Indian states is not enough to boost standards of living, says a study

New Delhi, Feb 26 () Moody's Investors Service has downgraded the corporate family rating of HPCL-Mittal Energy Ltd to Ba2 from Ba1, and changed its outlook on the rating to stable from negative. The rating was downgraded due to weak refining margins arising from a slump in fuel demand, it said in a statement. "The downgrade to Ba2 reflects the deterioration in HMEL's credit metrics, driven by the weak refining environment in Asia as well as the company's expansion into petrochemicals, which has kept HMEL's borrowings at elevated levels," said Sweta Patodia, a Moody's analyst. The weak industry conditions are reflected in the Singapore benchmark refining margins, which declined to around USD 3.7 per barrel for 2019 compared to its historical average of USD 6-7 a barrel. "This decline in the benchmark was due to the extremely weak fuel oil spreads, which in turn were driven by International Maritime Organization's new regulation restricting the use of heavy fuel oil in marine transportation," it said. Also, the credit metrics of HPCL-Mittal Energy Ltd (HMEL) was impacted by its ongoing expansion into petrochemicals which has led to an increase in its borrowings. The company, which operates an 11.3 million tonnes a year oil refinery at Bhatinda in Punjab, is in the process of setting up a dual-feed petrochemical capacity of 1.2 million metrics tons per annum (mtpa). The project, which commenced in October 2017, was originally planned to be completed by March 2022. However, the company now intends to complete it by April 2021, accelerating its capital spending and keeping its borrowings at elevated levels. Moody's said there have been no material cost overruns so far and the total project cost continues to largely remain within management's initial estimates. Tightening regulations on the use of heavy fuel oil in the shipping industry, which kicked off in January 2020, could lead to higher demand for middle distillates and thus provide some support to refining margins, particularly for complex refiners like HMEL, it said. "The industry environment continues to remain uncertain and sustained weakness in regional refining margins could delay improvement in HMEL's credit metrics," the rating agency said. Moreover, the impact of the coronavirus outbreak on the regional demand growth for petroleum products remains uncertain. Furthermore, HMEL's refinery will undergo 35 days of a planned shutdown during September-October 2020, which will constrain its earnings and cash flow during the fiscal year ending March 31, 2021 (fiscal 2021). "The stable outlook reflects Moody's view that the company will maintain high utilisation of its refinery resulting in strong operating cash flow such that its credit metrics will continue to support its standalone credit profile," the statement said. HMEL's Ba2 rating is supported by the company's high complexity refinery that generates strong refining margins and by its 15-year offtake agreement with Hindustan Petroleum Corporation Ltd (HPCL) that provides high visibility on sales volumes. "The rating, however, is constrained by the moderate scale of the company's operations, with a single refinery and crude distillation unit, and by its exposure to the cyclical nature of the refining industry," it added. HMEL is privately owned with HPCL and Mittal Energy Investments holding a 49 per cent stake each. HPCL is in turn 51.1 per cent owned by Oil and Natural Gas Corporation (ONGC), which is 67.7 per cent owned by the Government of India. Mittal Energy Investments is a 100 per cent subsidiary of Mittal Investments SARL. As of December 3, 2019, HMEL had cash and cash equivalents of Rs 790 crore which along with expected cash flow from operations of around Rs 2,600-2,700 crore will be sufficient to cover routine capital expenditures of around Rs 1,060 crore and Rs 930 crore of debt maturities over the next 12 months. "Moody's is unlikely to upgrade the ratings until HMEL completes its ongoing expansion and successfully ramps-up its petrochemical plant," it added. ANZ DRR

Moody's downgrades rating of HPCL-Mittal Energy Ltd

It seems that India’s slowing <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> growth in 2017-18, in the wake of demonetisation, an overhaul of the tax regime and a decline in manufacturing and investment, has had an adverse impact on the financial strength of its states. According to <a href="http://www.careratings.com/upload/NewsFiles/SplAnalysis/Study%20of%20State%20Budgets%20for%20FY19.pdf">a report by CARE Ratings</a>, a credit ratings agency, 14 out of 24 states recorded a decline in their net financial position, as per latest estimates, in the year ended March 2018. Of the 14 states that recorded a revenue surplus, which occurs when revenue receipts are higher than revenue expenditure, eight saw a lower surplus than the year before, including <keyword id="6357713" type="COMPANY" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> (₹185.2 billion), Bihar (₹14.5 billion) and Odisha (₹88.7 billion). However, a revenue surplus isn’t an obvious indicator of financial strength. Many states which record surpluses like Uttar Pradesh, which has the highest surplus, <a href="http://www.prsindia.org/uploads/media/State%20Budget%202018-19/Uttar%20Pradesh%20Budget%20Analysis%202018-19.pdf">spend less than their budget estimates </a>on agriculture and education, resulting in lower expenditure. Meanwhile, 10 states recorded a revenue deficit, out of which 6 experienced a higher deficit than the previous year. These include Rajasthan (₹201.7 billion), Tamil Nadu (₹183.7 billion) and <keyword id="13126" type="COMPANY" weightage="20" keywordseo="Maharashtra">Maharashtra</keyword> (₹148.4 billion). Assam recorded the highest deficit at ₹233.5 billion, compared to a mere deficit of ₹1.4 billion the previous year, as it significantly <a href="http://www.prsindia.org/administrator/uploads/general/1521201654~~Assam%20Budget%20Analysis%2018-19.pdf">overshot its budgeted expenditure</a> on agriculture, police resources, education and health. Spending beyond their means Another cause for concern is that more states are spending beyond their means. The number of states with a <keyword id="6365485" type="DEFINITION" weightage="20" keywordseo="Fiscal-Deficit">fiscal deficit</keyword>, the difference between total revenue (excluding borrowings) and total expenditure, that is larger than 3% of GDSP (a state’s gross domestic product) has increased from 10 in 2016-17 to 14 in 2017-18. The 14th Finance Commission recommends a maximum limit of 3% on state fiscal deficits. In fact, 5 states actually had a deficit ratio higher than 3.5%. Bihar stood out as the state with the worst ratio, at 7.5%, partly owing to <a href="http://www.prsindia.org/administrator/uploads/general/1519878666_State%20Budget%20Analysis%20-%20Bihar%202018.pdf">higher spending on pensions, education and rural development. </a> India’s states are increasing the amount they spend on asset creation, in lieu of future growth and development. Around 14 out of 24 states reported a higher capital outlay, or the money spent on infrastructure creation and fixed assets, as a percentage of total expenditure. Goa had the highest allocation, at 27% of total expenditure, followed by Jammu &amp; Kashmir and Bihar. It bears mentioning that Uttar Pradesh, Maharashtra and Punjab all extended generous loan waivers last year. However, as shown below, it seems that only Maharashtra can afford the waivers. Maharashtra and Uttar Pradesh have the highest <keyword id="44647" type="ORGANIZATION" weightage="20" keywordseo="debt">debt</keyword> levels Maharashtra, India’s richest state, had the highest level of outstanding debt with ₹4.07 trillion, closely followed by Uttar Pradesh, one of India’s poorest states, with a debt burden of ₹4.06 trillion. This is roughly equivalent to the cost of 306,000 Lamborghini Gallardos. However, given its high GDSP, Maharashtra has a debt-to-GDSP ratio of only 16.3%, well below the Finance Commission’s maximum permissible limit of 25%, while Uttar Pradesh has a debt ratio of 29.5%. The reports show that 8 out of 19 states had a debt-to-GDSP ratio over 25%. Punjab and Jammu &amp; Kashmir had worryingly high debt ratios, at 41% and 46.4% respectively. Along with West Bengal and Haryana, Punjab spends more than 20% of its revenue receipts on interest payments alone, which results in lower development spending. Only four states - Karnataka, Telangana, Odisha and Chattisgarh - proved to be efficient at managing their debt obligations. In addition to having a debt-to-GDSP ratio of less than 25%, these states also allocated less than 10% of their revenue receipts to interest payments. An improvement in 2019? In light of their declining financial strength, India’s states will focus on fiscal consolidation and cost control in the current fiscal year. Only 7 states are budgeted to have a revenue deficit in 2018-19, out of which 4 expect to reduce their revenue deficit. West Bengal, Assam and Andhra Pradesh, all of which recorded a revenue deficit last year, expect to record a surplus or a neutral balance in 2018-19. Meanwhile, all the 14 states that recorded a revenue surplus last year, expect to do so in 2018-19 as well, with 9, including Gujarat, Uttar Pradesh, Chhattisgarh and Bihar, planning to increase their surplus. These states will continue to count on the generosity of the central government for grants-in-aid and tax revenues. According to PRS Legislative Research, a think tank, <a href="http://www.prsindia.org/uploads/media/Analytical%20Report/State%20of%20State%20Finances%202018.pdf">states derive 46% of their revenue</a> from the central government’s coffers. Grants account for 20% of state funding while the states’ share of central taxes account for 26%. Given their dependence on the central government, it isn’t hard to see why so many voters in state elections favour the party that is in power at the centre.

Here’s what the fiscal health of Indian states looks like post-demonetisation and GST

New Delhi, Dec 19 () GST compensation payment of nine select states, including Gujarat, Maharashtra and Kerala, is expected to double to Rs 60,000-70,000 crore in 2019-20, according to a report.
 The timing of release of such grants by the Government of India (GoI) to these states would critically affect their cash flows, ICRA said in a report. 
 The states are Karnataka, Kerala, Gujarat, Maharashtra, Punjab, Haryana, Rajasthan, Tamil Nadu and West Bengal, the report said. 
 ICRA also expressed apprehension that "the central tax devolution (CTD) to these states in 2019-20 could be Rs 595-770 billion (Rs 59,500-77,000 crore) lower than what the GoI has budgeted, which has emerged as a key revenue risk for the states in this fiscal."
 Accordingly, a reduction in capital expenditure below the budgeted level appears imminent in the current fiscal.
 Subdued economic growth and reductions in GST rates have resulted in a muted 3.7 per cent rise in the headline GST collections in April-November 2019. 
 ICRA expects the actual SGST collections in the current fiscal to be considerably lower than the level of revenues protected under the GST (Compensation to States) Act, 2017, which is calculated based on a 14 per cent annual growth rate on the base year (FY2016) revenues subsumed into the GST. 
 This would necessitate a significant rise in the GST compensation grants required by the states from the Centre, it said.
 The CTD to all the 29 states has recorded a YoY contraction of 2.7 per cent in April-October 2019, it said, adding, this is likely to reflect a portion of the adjustment for the higher-than-warranted devolution that was made by the GoI to the states in FY2019. 
 "The CTD to the states in FY2019 was presumably based on the GoI's FY2019 Revised Estimates (RE) of gross tax revenues of Rs 22.5 trillion. However, the provisional data for FY2019 had pegged the GoI's gross tax revenues at Rs 20.8 trillion, Rs 1.7 trillion lower than the RE for that year," it said. 
 Accordingly, the tax devolution to all the 29 states was higher than mandated by Rs 0.6-0.7 trillion, it said.
 Additionally, the report expects the GoI's actual gross tax revenues to trail the FY2020 revised budget estimates (RBE) of Rs 24.6 trillion by a considerable Rs 3.0-3.5 trillion. 
 "After factoring in the shortfalls in gross tax collections in FY2019 and the estimated gap in FY2020, the aggregate CTD to all the Indian states may be as much as Rs 1.7-2.2 trillion lower in the current year than what was budgeted by the GoI," it said. 
 Based on the combined inter-se share in Central taxes of the nine states of 35.3 per cent, it estimates the shortfall in CTD to these states in the range of Rs 595-770 billion in FY2020, posing a key revenue risk in the current fiscal. DP MR
MR

You Searched For "Punjab capital expenditure" and got 8 results

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

ANI

How one fraudster drove Punjab National Bank to the highest quarterly loss in the history of Indian banking

Dilsher Dhillon

PNB buys 3 Audi cars for top management amid COVID-led financial downturn

PTI

Maharashtra has room to borrow additional Rs 42,235 cr to fight COVID-19: Report

PTI

Higher social spending in Indian states is not enough to boost standards of living, says a study

Dilsher Dhillon

Moody's downgrades rating of HPCL-Mittal Energy Ltd

PTI

Here’s what the fiscal health of Indian states looks like post-demonetisation and GST

Dilsher Dhillon

GST compensation required by 9 large states could double to Rs 70,000 cr in FY'20: ICRA

PTI

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