Indian Economy / These 18 states will give momentum to the country's economy, how much will their income increase

Indian Economy: The states of any country also play a very important role in accelerating the economy of that country. If the economy and income of the states are good, the pace of the country's economy and GDP will also increase. This time the report of Crisil has come, it can be said to be very good news for the country's economy. Crisil said in its report that in the current financial year, there can be a good increase in the earnings of 18 states of the country. The special thing is that these 18 states have more than 90 percent share in the country's GDP. Let us also tell you what Crisil has said in its report?

90 Percent contribution to GDP

Credit rating agency Crisil Ratings said in a report that the revenue of the top 18 states of the country is expected to increase by 8 to 10 percent to Rs 38 lakh crore in the current financial year 2024-25. These 18 states contribute 90 percent to India's gross state domestic product. In the last financial year 2023-24, the revenue of these states increased by seven percent. According to the report, this increase will be mainly due to strong GST collection and transfer of finance from the Center, which is about 50 percent of the total state revenue. It said that the revenue from the sale of liquor is likely to remain stable, but the collection of sales tax imposed on petroleum products and grants recommended by the 15th Finance Commission will be marginal. The revenue earned from the sale of liquor contributes 10 percent to the total revenue of the states.

What did the director of Crisil say?

Anuj Sethi, Senior Director, Crisil Ratings, said that the biggest boost to revenue growth will come from overall state GST collection and better tax compliance and making the economy more organized. The share of states in central taxes is expected to increase by 12 to 13 percent in the current financial year. At the same time, grants from the Center will increase by four to five percent, which is in line with the budget expenditure. According to Crisil Ratings, the calculation estimates real GDP growth of 6.8 percent in the current financial year. To ensure sustainable revenue growth, states need to focus on expanding their revenues and improving collection efficiency.