CAG Releases “State Finances 2022-23” Report

The Comptroller and Auditor General (CAG) released its first “State Finances 2022-23” report, providing a comprehensive 10-year overview of the financial performance of all 28 Indian states. The report revealed that the aggregate state debt stood at 22.17% of GDP, exceeding the FRBM target of 20%. Among the states, Punjab recorded the highest debt-to-GSDP ratio at 40.35%, while Gujarat reported the lowest fiscal deficit at 0.76%. On the other hand, Himachal Pradesh recorded the highest fiscal deficit of 6.46%, highlighting variations in fiscal management across states.