The balance sheet of India’s state finances

India's central government finances receive a great deal of attention but state finances are sizeable too, with state-level debt making about a third of the national debt stock. The latest Reserve Bank of India (RBI) data shows that on an aggregated basis, the fiscal deficit of India's states increased in 2012-13 to 2.3 per cent of state GDP from 1.9 per cent in 2011-12.

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