Himachal Pradesh State Budget 2023-24 Analysis
Revised EstimateTotal expenditure, revenue receipts, fiscal deficit, and department-wise allocation for Himachal Pradesh FY 2023-24
Himachal Pradesh State Budget 2023-24 Budget at a Glance
Total Receipts
Rs 40,446 crore
-3.7%
Total Expenditure
Rs 52,707 crore
-5.0%
Fiscal Deficit
5.9%
Rs 12,295 crore
Capital Expenditure
Rs 6,781 crore
-20.2%
Tax Revenue
Rs 12,769 crore
-11.9%
Interest Payments
Rs 5,658 crore
11% of expenditure
Himachal Pradesh Revenue Receipts 2023-24
Own tax revenue vs non-tax revenue breakdown
Himachal Pradesh Expenditure Breakdown 2023-24
Revenue vs Capital spending and department allocation
Revenue vs Capital Split
Top 10 Departments by Allocation
Fiscal Deficit as % of GSDP â Himachal Pradesh 2023-24
The fiscal deficit for Himachal Pradesh in 2023-24 is 5.9% of GSDP (Rs 12,295 crore), reflecting the state's borrowing needs to fund development programmes.
States are expected to maintain fiscal deficit within 3% of GSDP as per the FRBM Act. Himachal Pradesh's deficit is above this threshold, driven by higher capital spending needs.
Interest payments at Rs 5,658 crore consume 10.7% of total expenditure.
Himachal Pradesh State Budget 2023-24 â Receipts & Expenditure Summary
| Particulars | Amount | % of Total |
|---|---|---|
| A. Total Receipts | Rs 59,147 crore | 100% |
| 1. Revenue Receipts | Rs 40,446 crore | 68.4% |
| a. Own Tax Revenue | Rs 12,769 crore | 21.6% |
| b. Non-Tax Revenue | Rs 3,325 crore | 5.6% |
| B. Total Expenditure | Rs 52,707 crore | 100% |
| 1. Revenue Expenditure | Rs 45,926 crore | 87.1% |
| 2. Capital Expenditure | Rs 6,781 crore | 12.9% |
| of which: Interest Payments | Rs 5,658 crore | 10.7% |
| C. Fiscal Deficit | Rs 12,295 crore | 5.9% of GSDP |
Source: Himachal Pradesh State Budget Documents via PRS India. All figures in Indian Rupees.
Himachal Pradesh Department-wise Expenditure 2023-24
Top departments by allocation in Himachal Pradesh for 2023-24
| Department â | Revenue â | Capital â | Total â | Share |
|---|---|---|---|---|
1. Education | Rs 7,000 crore | Rs 400 crore | Rs 7,400 crore | 14.0% |
2. Health & Family Welfare | Rs 3,200 crore | Rs 450 crore | Rs 3,650 crore | 6.9% |
3. Energy | Rs 3,000 crore | Rs 400 crore | Rs 3,400 crore | 6.5% |
4. Rural Development | Rs 2,700 crore | Rs 650 crore | Rs 3,350 crore | 6.4% |
5. Transport & Roads | Rs 1,800 crore | Rs 1,200 crore | Rs 3,000 crore | 5.7% |
6. Police & Home | Rs 2,300 crore | Rs 220 crore | Rs 2,520 crore | 4.8% |
7. Social Welfare | Rs 2,000 crore | Rs 150 crore | Rs 2,150 crore | 4.1% |
8. Agriculture & Allied | Rs 1,800 crore | Rs 300 crore | Rs 2,100 crore | 4.0% |
9. Water Supply & Sanitation | Rs 1,000 crore | Rs 550 crore | Rs 1,550 crore | 2.9% |
10. Urban Development | Rs 1,000 crore | Rs 400 crore | Rs 1,400 crore | 2.7% |
Himachal Pradesh Budget 2023-24 Analysis & Highlights
Key Highlights
- Revised expenditure at Rs 52,768 crore, broadly in line with original estimates
- Revenue receipts fell to Rs 40,446 crore with tax collections at Rs 12,769 crore
- Revenue deficit widened to Rs 5,480 crore as revenue underperformed expenditure
- Fiscal deficit at 5.9% of GSDP (Rs 12,295 crore), nearly double the FRBM target
- Debt-to-GSDP worsened to 39.5% â highest in recent Himachal fiscal history
- Primary deficit at Rs 6,636 crore reflects heavy borrowing beyond debt service needs
- Market borrowings of Rs 10,000 crore required to plug the wide fiscal gap
- Capital expenditure at Rs 6,781 crore maintained despite fiscal pressure
- Interest payments at Rs 5,658 crore â 14.0% of revenue receipts
- Severe monsoon floods in July-August 2023 caused Rs 12,000 crore in estimated damage
- Tax revenue shortfall partly due to flood disruption of economic activity
- GSDP at Rs 2,07,430 crore â growth impacted by natural disaster losses
Compare Himachal Pradesh Budget â Recent Years
Year-over-year comparison of key fiscal metrics
| Metric | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 |
|---|---|---|---|---|---|
| Total Expenditure | â | â | â | Rs 55,500 crore | Rs 52,707 crore |
| Revenue Receipts | â | â | â | Rs 42,000 crore | Rs 40,446 crore |
| Capital Expenditure | â | â | â | Rs 8,500 crore | Rs 6,781 crore |
| Fiscal Deficit (% GSDP) | â | â | â | 5.8% | 5.9% |
| Own Tax Revenue | â | â | â | Rs 14,500 crore | Rs 12,769 crore |
Columns showing "â" will populate as more data is ingested. Data from official budget documents via PRS India.
Understanding Himachal Pradesh State Budget 2023-24
The Himachal Pradesh state budget is the annual financial plan presented in the state legislature. It covers all revenue receipts, expenditure allocations across departments, and fiscal deficit management. State budgets are critical because states handle key development areas including education, health, agriculture, and infrastructure.
Himachal Pradesh Revenue Sources
State revenue comes from three sources: own tax revenue (state GST, stamp duty, excise, vehicle tax), non-tax revenue (fees, fines, interest), and transfers from the Centre (share of central taxes as per Finance Commission recommendations, plus grants-in-aid for specific schemes).
Fiscal Deficit and State Borrowing
Under the FRBM framework, states target a fiscal deficit of 3% of GSDP. States can borrow from the market via State Development Loans (SDLs), and the central government also provides loans. The RBI manages the borrowing calendar for states to ensure orderly market conditions.
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Compare Himachal Pradesh with other states
Side-by-side comparison of fiscal metrics across Indian states