CAG Report 2022–23: 16 States Record Revenue Surplus; Uttar Pradesh Leads with ₹37,263 Crore.

The Comptroller and Auditor General (CAG) of India has released its inaugural "State Finances 2022–23" report, offering a comprehensive decade-long analysis of the fiscal health of India's 28 states. The report highlights a significant fiscal turnaround, with 16 states reporting revenue surpluses, marking a departure from previous trends of deficits.

      - Uttar Pradesh leads the nation with a revenue surplus of ₹37,263 crore in FY 2022–23, surpassing Gujarat's ₹19,865 crore and Odisha's ₹19,456 crore.

      - Following Uttar Pradesh, other states with significant surpluses include Jharkhand (₹13,564 crore), Karnataka (₹13,496 crore), Chhattisgarh (₹8,592 crore), Telangana (₹5,944 crore), Uttarakhand (₹5,310 crore), Madhya Pradesh (₹4,091 crore), and Goa (₹2,399 crore).

Main Point :-   (i) The report notes that 16 states achieved a revenue surplus, aligning with the fiscal responsibility and consolidation path prescribed by the 15th Finance Commission, which aimed for zero-revenue deficit or revenue surplus during 2022–23.

      (ii) As of March 31, 2023, the total state debt stood at ₹59.60 lakh crore, approximately 22.17% of the Gross State Domestic Product (GSDP), exceeding the Fiscal Responsibility and Budget Management (FRBM) target of 20%.

(iii) Despite the positive trend, 12 states reported revenue deficits, with Andhra Pradesh recording the highest deficit, highlighting ongoing fiscal challenges in certain regions.
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