Fiscal deficit of states rise to Rs 4.93 lakh crore in FY16: RBI

The latest RBI data reported a hike in the gross fiscal deficit of all the states of India, surging to Rs 4,93,360 crore in FY16 from a Rs 18,790 crore in FY1991. While the state with the highest deficit was Uttar Pradesh, followed by Rajasthan. 
  
As per the data released in RBI's second edition of statistical publication under the title 'Handbook of Statistics on States 2016-17', the gap improved to Rs 4,49,520 crore according to the budget estimates of the states of India for the fiscal year 2017.   

Uttar Pradesh reported a fiscal deficit of a paltry Rs 3,070 crore in fiscal year 1991, which came up to Rs 64,320 crore in the fiscal year 2016, however it is projected that it will get reduced to Rs 49,960 crore in the current fiscal 2017.

While as per the 16-year data, Rajasthan, that had posted a gross fiscal deficit of Rs 540 crore in the fiscal year 1991, witnessed a major surge, soaring to Rs 67,350 crore in fiscal 2016, whereas in the report released, it is projected to drop to Rs 40,530 crore in fiscal 2017.

Maharashtra, sought as the most urbanised and industrialised state of India, posted a gap of Rs 1,020 crore in the fiscal year 1991, the same soaring to Rs 37,950 crore in the fiscal year 2016, which is further projected to get improved to Rs 35,030 crore in the current fiscal 2017.