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The Times of India
The Times of India
Business
PTI

States expect higher tax devolution from Centre; to borrow less in FY23: Icra

Aditi Nayar Mumbai

MUMBAI: Tax devolution by the central government is likely to exceed the budget estimate by at least Rs 1.1 lakh crore in FY23, leading to compression in the gross borrowing by states to Rs 8.4 lakh crore, a report said on Monday.

However, the borrowing cost for the states has went up from 7.17 per cent in Q4 FY22 to 7.34 per cent on May 2 this fiscal, according to an analysis by Icra Ratings.

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