Maharashtra's financial deficit hits ₹1,24,208.74 crore, CAG finds

It evaluates the state's fiscal sustainability, debt levels, and compliance with financial rules.

Who it concerns: Government of Maharashtra (State Finance)

What the auditor found

• Revenue deficit of ₹29,994.76 crore (0.66% of Gross State Domestic Product).
• Financial deficit of ₹1,24,208.74 crore (2.74% of Gross State Domestic Product).
• Primary deficit of ₹70,753.63 crore (1.56% of Gross State Domestic Product).
• CAG notes that while deficits remained within fiscal responsibility limits, the state continued to record revenue deficits higher than targets, partly due to large balances in fictitious deposit accounts.
• CAG highlights that debt sustainability indicators present a mixed picture, necessitating caution in future years despite good March data.

Also in the document

• The state's financial deficit was ₹1,24,208.74 crore, which is 2.74% of the Gross State Domestic Product.
• CAG attributes the increase in revenue and financial deficits partly to the persistence of large balances in fictitious deposit accounts within public accounts.
• The state's contribution to India's Gross State Domestic Product was 13.70%.