Budget Analysis of Gujarat | Gujarat State PSC (GPSC) Preparation: All subjects - GPSC (Gujarat) PDF Download

 Page 1


 
 
 
 
 
    
      
    
Gujarat Budget Analysis 
2024-25 
The Finance Minister of Gujarat, Mr Kanubhai Desai, presented the Budget for the state for the financial year 2024-
25 on February 2, 2024. 
Budget Highlights 
? The Gross State Domestic Product (GSDP) of Gujarat for 2024-25 (at current prices) is projected to be Rs 
27.9 lakh crore, amounting to growth of 13.3% over the revised estimates for 2023-24. 
? Expenditure (excluding debt repayment) in 2024-25 is estimated to be Rs 2,99,362 crore, an increase of 
16% over the revised estimates of 2023-24.  In addition, debt of Rs 29,085 crore will be repaid by the state. 
? Receipts (excluding borrowings) for 2024-25 are estimated to be Rs 2,47,445 crore, an increase of 15% as 
compared to the revised estimate of 2023-24.   
? Revenue surplus in 2024-25 is estimated to be 0.4% of GSDP (Rs 9,821 crore), lower than the revised 
estimates for 2023-24 (0.8% of GSDP).  In 2023-24, the revenue surplus is expected to be higher than the 
budget estimate (0.4% of GSDP). 
? Fiscal deficit for 2024-25 is targeted at 1.9% of GSDP (Rs 51,917 crore).  In 2023-24, as per the revised 
estimates, fiscal deficit is expected to be 1.7% of GSDP, lower than the budget estimate (1.8% of GSDP).  
Policy Highlights 
? Namo Laxmi Scheme:  The government will provide scholarships to girls studying in secondary and 
higher secondary schools.  Every girl student will get a total assistance of Rs 50,000 over four years.     
? Namo Saraswati Scheme:  Financial assistance of Rs 25,000 will be provided to students from low and 
middle income households enrolling in the science stream in classes 11 and 12.   
? Namo Shri Scheme:  Pregnant women belonging to specified categories (such as SC, ST, and BPL) will be 
provided a one-time financial assistance of Rs 12,000. 
? Anganwadi 2.0 Scheme:  Under this scheme, 8,000 new anganwadis will be built, and 20,000 anganwadis 
will be provided with IT connectivity.  The outlay for the scheme is approximately Rs 1,800 crore. 
? Suposhit Gujarat Mission:  It will provide for adequate nutrition to children, adolescent girls, and women.  
It will enhance the number of beneficiaries as well as assistance under various existing schemes, and new 
schemes will be launched whenever required. 
? Nirmal Gujarat Abhiyan 2.0:  Arrangements will be put in place for collection, segregation, and suitable 
disposal of dry and wet waste. 
Gujarat’s Economy 
? GSDP:  In 2022-23, Gujarat’s GSDP (at constant 
prices) is estimated to grow at 8%.  Gujarat’s 
GSDP is estimated to grow at a faster rate than 
the national GDP in 2022-23 (7.2%). 
? Sectors:  The services sector recorded a faster 
growth in 2022-23 (8.5%) as compared to the 
agriculture and manufacturing, which grew at 
4.6% and 3.4%, respectively. 
? In 2022-23, agriculture, manufacturing, and 
services sectors are estimated to contribute 20%, 
45%, and 35% to the economy, respectively (at 
current prices).   
? Per capita GSDP:  The per capita GSDP in 2022-
23 (at current prices) is estimated at Rs 3,13,512, 
an increase of 14% over 2021-22. 
Figure 1: Growth in GSDP and sectors in Gujarat 
at constant prices (2011-12) 
 
Note: Agriculture also includes mining and quarrying; manufacturing 
also includes construction, and electricity, gas, water, and other 
utility services.  These numbers are as per constant prices (2011-12) 
which implies that the growth rate is adjusted for inflation. 
Sources: Gujarat Socio Economic Review 2023-24;  
7.2%
5.8%
7.9%
7.0%
-3.7%
-1.0%
-4.7%
-1.9%
5.4%
10.0%
6.7%
10.1%
4.6%
3.4%
8.5%
8.0%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Agriculture Manufacturing Services GSDP
2019-20 2020-21 2021-22 2022-23
Page 2


 
 
 
 
 
    
      
    
Gujarat Budget Analysis 
2024-25 
The Finance Minister of Gujarat, Mr Kanubhai Desai, presented the Budget for the state for the financial year 2024-
25 on February 2, 2024. 
Budget Highlights 
? The Gross State Domestic Product (GSDP) of Gujarat for 2024-25 (at current prices) is projected to be Rs 
27.9 lakh crore, amounting to growth of 13.3% over the revised estimates for 2023-24. 
? Expenditure (excluding debt repayment) in 2024-25 is estimated to be Rs 2,99,362 crore, an increase of 
16% over the revised estimates of 2023-24.  In addition, debt of Rs 29,085 crore will be repaid by the state. 
? Receipts (excluding borrowings) for 2024-25 are estimated to be Rs 2,47,445 crore, an increase of 15% as 
compared to the revised estimate of 2023-24.   
? Revenue surplus in 2024-25 is estimated to be 0.4% of GSDP (Rs 9,821 crore), lower than the revised 
estimates for 2023-24 (0.8% of GSDP).  In 2023-24, the revenue surplus is expected to be higher than the 
budget estimate (0.4% of GSDP). 
? Fiscal deficit for 2024-25 is targeted at 1.9% of GSDP (Rs 51,917 crore).  In 2023-24, as per the revised 
estimates, fiscal deficit is expected to be 1.7% of GSDP, lower than the budget estimate (1.8% of GSDP).  
Policy Highlights 
? Namo Laxmi Scheme:  The government will provide scholarships to girls studying in secondary and 
higher secondary schools.  Every girl student will get a total assistance of Rs 50,000 over four years.     
? Namo Saraswati Scheme:  Financial assistance of Rs 25,000 will be provided to students from low and 
middle income households enrolling in the science stream in classes 11 and 12.   
? Namo Shri Scheme:  Pregnant women belonging to specified categories (such as SC, ST, and BPL) will be 
provided a one-time financial assistance of Rs 12,000. 
? Anganwadi 2.0 Scheme:  Under this scheme, 8,000 new anganwadis will be built, and 20,000 anganwadis 
will be provided with IT connectivity.  The outlay for the scheme is approximately Rs 1,800 crore. 
? Suposhit Gujarat Mission:  It will provide for adequate nutrition to children, adolescent girls, and women.  
It will enhance the number of beneficiaries as well as assistance under various existing schemes, and new 
schemes will be launched whenever required. 
? Nirmal Gujarat Abhiyan 2.0:  Arrangements will be put in place for collection, segregation, and suitable 
disposal of dry and wet waste. 
Gujarat’s Economy 
? GSDP:  In 2022-23, Gujarat’s GSDP (at constant 
prices) is estimated to grow at 8%.  Gujarat’s 
GSDP is estimated to grow at a faster rate than 
the national GDP in 2022-23 (7.2%). 
? Sectors:  The services sector recorded a faster 
growth in 2022-23 (8.5%) as compared to the 
agriculture and manufacturing, which grew at 
4.6% and 3.4%, respectively. 
? In 2022-23, agriculture, manufacturing, and 
services sectors are estimated to contribute 20%, 
45%, and 35% to the economy, respectively (at 
current prices).   
? Per capita GSDP:  The per capita GSDP in 2022-
23 (at current prices) is estimated at Rs 3,13,512, 
an increase of 14% over 2021-22. 
Figure 1: Growth in GSDP and sectors in Gujarat 
at constant prices (2011-12) 
 
Note: Agriculture also includes mining and quarrying; manufacturing 
also includes construction, and electricity, gas, water, and other 
utility services.  These numbers are as per constant prices (2011-12) 
which implies that the growth rate is adjusted for inflation. 
Sources: Gujarat Socio Economic Review 2023-24;  
7.2%
5.8%
7.9%
7.0%
-3.7%
-1.0%
-4.7%
-1.9%
5.4%
10.0%
6.7%
10.1%
4.6%
3.4%
8.5%
8.0%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Agriculture Manufacturing Services GSDP
2019-20 2020-21 2021-22 2022-23
 
 
  
 
 
 
 
 
   
 
Budget Estimates for 2024-25 
? Total expenditure (excluding debt repayment) in 2024-25 is targeted at Rs 2,99,362 crore.  This is an 
increase of 16% over the revised estimate of 2023-24.  This expenditure is proposed to be met through 
receipts (excluding borrowings) of Rs 2,47,445 crore and net borrowings of Rs 48,415 crore.  Total 
receipts for 2024-25 (other than borrowings) are expected to register an increase of 15% over the revised 
estimate of 2023-24. 
? Revenue surplus in 2024-25 is estimated to be 0.4% of GSDP (Rs 9,821 crore), lower than the revised 
estimates for 2023-24 (0.8% of GSDP).  In 2023-24, revenue surplus is estimated to be significantly higher 
than budget estimate (0.4% of GSDP).  This is owing to 4% higher revenue receipts estimated at the revised 
stage as compared to budget stage, whereas revenue expenditure is estimated to be 1% lower than budgeted. 
? Fiscal deficit for 2024-25 is targeted at 1.9% of GSDP (Rs 51,917 crore), higher than the revised estimates 
for 2023-24 (1.7% of GSDP).  Fiscal deficit estimates for both 2023-24 and 2024-25 are well within the 
limit of 3.5% of GSDP permitted by the central government (of which 0.5% of GSDP will be made 
available only upon undertaking certain power sector reforms). 
Table 1: Budget 2024-25 - Key figures (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 23-24 to RE 
23-24 
2024-25 
Budgeted 
% change from 
RE 23-24 to BE 
24-25 
Total Expenditure 2,38,667 2,96,574 2,84,694 -4.0%  3,28,447  15.4% 
(-) Repayment of debt 22,159 26,304 26,151 -0.6%  29,085  11.2% 
Net Expenditure (E) 2,16,508 2,70,270 2,58,543 -4.3%  2,99,362  15.8% 
Total Receipts 2,51,995 2,93,341 2,81,697 -4.0%  3,24,945  15.4% 
(-) Borrowings 52,333 68,001 65,634 -3.5%  77,500  18.1% 
Net Receipts (R) 1,99,662 2,25,340 2,16,063 -4.1%  2,47,445  14.5% 
Fiscal Deficit (E-R) 16,845 44,930 42,480 -5.5%  51,917  22.2% 
as % of GSDP 0.8% 1.8% 1.7%  1.9%  
Revenue Surplus 19,865 9,038 18,618 106.0%  9,821  -47.2% 
as % of GSDP 0.9% 0.4% 0.8%  0.4%  
Primary Deficit -8,508 16,310 14,690 -9.9%  21,963  49.5% 
as % of GSDP -0.4% 0.6% 0.6%  0.8%  
GSDP 22,30,609 25,62,975 24,64,300 -3.9% 27,92,545 13.3% 
Note:  BE is Budget Estimates; RE is Revised Estimates. 
Sources:  Annual Financial Statement and Budget in Brief, Gujarat Budget 2024-25;  
Expenditure in 2024-25 
? Revenue expenditure for 2024-25 is estimated to be Rs 
2,19,832 crore, an increase of 11% over the revised estimate of 
2023-24.  This includes the expenditure on salaries, pensions, 
interest, grants, and subsidies. 
? Capital outlay for 2024-25 is proposed to be Rs 75,689 crore, 
an increase of 29% over the revised estimate of 2023-24.  
Capital outlay indicates the expenditure towards creation of 
assets.  As per revised estimates, capital outlay in 2023-24 is 
estimated to be 16% lower than the budget estimates.  Key 
sectors where capital outlay is estimated to be lower than 
budgeted in 2023-24 are: (i) Energy (by Rs 3,115 crore), (ii) 
Irrigation and Flood Control (by Rs 2,241 crore) and (iii) Roads 
and Bridges (by Rs 2,070 crore).           
Table 2:  Expenditure budget 2024-25 (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 23-24 to RE 
23-24 
2024-25 
Budgeted 
% change from 
RE 23-24 to BE 
24-25 
Revenue Expenditure  1,79,543   1,98,672   1,97,175  -1%  2,19,832  11% 
Capital Outlay  35,499   70,101   58,696  -16%  75,689  29% 
Loans given by the state  1,466   1,497   2,672  78%  3,842  44% 
Net Expenditure  2,16,508   2,70,270   2,58,543  -4%  2,99,362  16% 
Sources:  Annual Financial Statement, Gujarat Budget 2024-25; 
Allocation towards subsidies 
In 2024-25, Rs 31,330 crore is estimated to be 
spent on subsidies.  This is an increase of 12% 
over the revised estimates for 2023-24 (Rs 
28,003 crore).  Rs 12,207 crore has been 
allocated towards power subsidy for agriculture 
(39% of the total subsidies for 2024-25).  Other 
major subsidies include: (i) development of the 
textile industry (Rs 1,600 crore), , (ii) subsidies 
to the Gujarat State Road Transport 
Corporation (Rs 1,155 crore), and (iii) 
assistance to large industries (Rs 1,145 crore). 
Page 3


 
 
 
 
 
    
      
    
Gujarat Budget Analysis 
2024-25 
The Finance Minister of Gujarat, Mr Kanubhai Desai, presented the Budget for the state for the financial year 2024-
25 on February 2, 2024. 
Budget Highlights 
? The Gross State Domestic Product (GSDP) of Gujarat for 2024-25 (at current prices) is projected to be Rs 
27.9 lakh crore, amounting to growth of 13.3% over the revised estimates for 2023-24. 
? Expenditure (excluding debt repayment) in 2024-25 is estimated to be Rs 2,99,362 crore, an increase of 
16% over the revised estimates of 2023-24.  In addition, debt of Rs 29,085 crore will be repaid by the state. 
? Receipts (excluding borrowings) for 2024-25 are estimated to be Rs 2,47,445 crore, an increase of 15% as 
compared to the revised estimate of 2023-24.   
? Revenue surplus in 2024-25 is estimated to be 0.4% of GSDP (Rs 9,821 crore), lower than the revised 
estimates for 2023-24 (0.8% of GSDP).  In 2023-24, the revenue surplus is expected to be higher than the 
budget estimate (0.4% of GSDP). 
? Fiscal deficit for 2024-25 is targeted at 1.9% of GSDP (Rs 51,917 crore).  In 2023-24, as per the revised 
estimates, fiscal deficit is expected to be 1.7% of GSDP, lower than the budget estimate (1.8% of GSDP).  
Policy Highlights 
? Namo Laxmi Scheme:  The government will provide scholarships to girls studying in secondary and 
higher secondary schools.  Every girl student will get a total assistance of Rs 50,000 over four years.     
? Namo Saraswati Scheme:  Financial assistance of Rs 25,000 will be provided to students from low and 
middle income households enrolling in the science stream in classes 11 and 12.   
? Namo Shri Scheme:  Pregnant women belonging to specified categories (such as SC, ST, and BPL) will be 
provided a one-time financial assistance of Rs 12,000. 
? Anganwadi 2.0 Scheme:  Under this scheme, 8,000 new anganwadis will be built, and 20,000 anganwadis 
will be provided with IT connectivity.  The outlay for the scheme is approximately Rs 1,800 crore. 
? Suposhit Gujarat Mission:  It will provide for adequate nutrition to children, adolescent girls, and women.  
It will enhance the number of beneficiaries as well as assistance under various existing schemes, and new 
schemes will be launched whenever required. 
? Nirmal Gujarat Abhiyan 2.0:  Arrangements will be put in place for collection, segregation, and suitable 
disposal of dry and wet waste. 
Gujarat’s Economy 
? GSDP:  In 2022-23, Gujarat’s GSDP (at constant 
prices) is estimated to grow at 8%.  Gujarat’s 
GSDP is estimated to grow at a faster rate than 
the national GDP in 2022-23 (7.2%). 
? Sectors:  The services sector recorded a faster 
growth in 2022-23 (8.5%) as compared to the 
agriculture and manufacturing, which grew at 
4.6% and 3.4%, respectively. 
? In 2022-23, agriculture, manufacturing, and 
services sectors are estimated to contribute 20%, 
45%, and 35% to the economy, respectively (at 
current prices).   
? Per capita GSDP:  The per capita GSDP in 2022-
23 (at current prices) is estimated at Rs 3,13,512, 
an increase of 14% over 2021-22. 
Figure 1: Growth in GSDP and sectors in Gujarat 
at constant prices (2011-12) 
 
Note: Agriculture also includes mining and quarrying; manufacturing 
also includes construction, and electricity, gas, water, and other 
utility services.  These numbers are as per constant prices (2011-12) 
which implies that the growth rate is adjusted for inflation. 
Sources: Gujarat Socio Economic Review 2023-24;  
7.2%
5.8%
7.9%
7.0%
-3.7%
-1.0%
-4.7%
-1.9%
5.4%
10.0%
6.7%
10.1%
4.6%
3.4%
8.5%
8.0%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Agriculture Manufacturing Services GSDP
2019-20 2020-21 2021-22 2022-23
 
 
  
 
 
 
 
 
   
 
Budget Estimates for 2024-25 
? Total expenditure (excluding debt repayment) in 2024-25 is targeted at Rs 2,99,362 crore.  This is an 
increase of 16% over the revised estimate of 2023-24.  This expenditure is proposed to be met through 
receipts (excluding borrowings) of Rs 2,47,445 crore and net borrowings of Rs 48,415 crore.  Total 
receipts for 2024-25 (other than borrowings) are expected to register an increase of 15% over the revised 
estimate of 2023-24. 
? Revenue surplus in 2024-25 is estimated to be 0.4% of GSDP (Rs 9,821 crore), lower than the revised 
estimates for 2023-24 (0.8% of GSDP).  In 2023-24, revenue surplus is estimated to be significantly higher 
than budget estimate (0.4% of GSDP).  This is owing to 4% higher revenue receipts estimated at the revised 
stage as compared to budget stage, whereas revenue expenditure is estimated to be 1% lower than budgeted. 
? Fiscal deficit for 2024-25 is targeted at 1.9% of GSDP (Rs 51,917 crore), higher than the revised estimates 
for 2023-24 (1.7% of GSDP).  Fiscal deficit estimates for both 2023-24 and 2024-25 are well within the 
limit of 3.5% of GSDP permitted by the central government (of which 0.5% of GSDP will be made 
available only upon undertaking certain power sector reforms). 
Table 1: Budget 2024-25 - Key figures (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 23-24 to RE 
23-24 
2024-25 
Budgeted 
% change from 
RE 23-24 to BE 
24-25 
Total Expenditure 2,38,667 2,96,574 2,84,694 -4.0%  3,28,447  15.4% 
(-) Repayment of debt 22,159 26,304 26,151 -0.6%  29,085  11.2% 
Net Expenditure (E) 2,16,508 2,70,270 2,58,543 -4.3%  2,99,362  15.8% 
Total Receipts 2,51,995 2,93,341 2,81,697 -4.0%  3,24,945  15.4% 
(-) Borrowings 52,333 68,001 65,634 -3.5%  77,500  18.1% 
Net Receipts (R) 1,99,662 2,25,340 2,16,063 -4.1%  2,47,445  14.5% 
Fiscal Deficit (E-R) 16,845 44,930 42,480 -5.5%  51,917  22.2% 
as % of GSDP 0.8% 1.8% 1.7%  1.9%  
Revenue Surplus 19,865 9,038 18,618 106.0%  9,821  -47.2% 
as % of GSDP 0.9% 0.4% 0.8%  0.4%  
Primary Deficit -8,508 16,310 14,690 -9.9%  21,963  49.5% 
as % of GSDP -0.4% 0.6% 0.6%  0.8%  
GSDP 22,30,609 25,62,975 24,64,300 -3.9% 27,92,545 13.3% 
Note:  BE is Budget Estimates; RE is Revised Estimates. 
Sources:  Annual Financial Statement and Budget in Brief, Gujarat Budget 2024-25;  
Expenditure in 2024-25 
? Revenue expenditure for 2024-25 is estimated to be Rs 
2,19,832 crore, an increase of 11% over the revised estimate of 
2023-24.  This includes the expenditure on salaries, pensions, 
interest, grants, and subsidies. 
? Capital outlay for 2024-25 is proposed to be Rs 75,689 crore, 
an increase of 29% over the revised estimate of 2023-24.  
Capital outlay indicates the expenditure towards creation of 
assets.  As per revised estimates, capital outlay in 2023-24 is 
estimated to be 16% lower than the budget estimates.  Key 
sectors where capital outlay is estimated to be lower than 
budgeted in 2023-24 are: (i) Energy (by Rs 3,115 crore), (ii) 
Irrigation and Flood Control (by Rs 2,241 crore) and (iii) Roads 
and Bridges (by Rs 2,070 crore).           
Table 2:  Expenditure budget 2024-25 (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 23-24 to RE 
23-24 
2024-25 
Budgeted 
% change from 
RE 23-24 to BE 
24-25 
Revenue Expenditure  1,79,543   1,98,672   1,97,175  -1%  2,19,832  11% 
Capital Outlay  35,499   70,101   58,696  -16%  75,689  29% 
Loans given by the state  1,466   1,497   2,672  78%  3,842  44% 
Net Expenditure  2,16,508   2,70,270   2,58,543  -4%  2,99,362  16% 
Sources:  Annual Financial Statement, Gujarat Budget 2024-25; 
Allocation towards subsidies 
In 2024-25, Rs 31,330 crore is estimated to be 
spent on subsidies.  This is an increase of 12% 
over the revised estimates for 2023-24 (Rs 
28,003 crore).  Rs 12,207 crore has been 
allocated towards power subsidy for agriculture 
(39% of the total subsidies for 2024-25).  Other 
major subsidies include: (i) development of the 
textile industry (Rs 1,600 crore), , (ii) subsidies 
to the Gujarat State Road Transport 
Corporation (Rs 1,155 crore), and (iii) 
assistance to large industries (Rs 1,145 crore). 
 
 
  
 
 
 
 
 
   
 
Committed expenditure: Committed expenditure of a state typically includes expenditure on payment of 
salaries, pensions, and interest.  A larger proportion of the budget being allocated for committed expenditure 
items limits the state’s flexibility to decide on other developmental expenditure priorities such as capital outlay.  
In 2024-25, Gujarat is estimated to spend Rs 1,05,357 crore on committed expenditure, which is 46% of its 
estimated revenue receipts.  This comprises spending on salaries (21% of revenue receipts), pension (12%), and 
interest payments (13%).  In 2023-24, expenditure towards pensions is estimated to be 17% higher than the 
budget estimate. 
Table 3: Committed Expenditure in 2024-25 (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change 
from BE 23-24 
to RE 23-24 
2024-25 
Budgeted 
% change 
from RE 23-24 
to BE 24-25 
Salaries       41,557        45,094        44,528  -1%       48,980  10% 
Interest payment       25,354        28,620        27,790  -3%       29,954  8% 
Pension       22,435        21,529        25,180  17%       26,424  5% 
Total Committed Expenditure       89,346        95,242        97,497  2%    1,05,357  8% 
Note:  Salary data for 2023-24 (BE) has been back calculated from the figure given as a percentage of revenue receipts.   
Sources:  Annual Financial Statement and Statements under the Gujarat Fiscal Responsibility Act, 2005, Gujarat Budget 2024-25; 
Sector-wise expenditure: The sectors listed below account for 62% of the total expenditure on sectors by the 
state in 2024-25.  A comparison of Gujarat’s expenditure on key sectors with that by other states is shown in 
Annexure 1. 
Table 4: Sector-wise expenditure under Gujarat Budget 2024-25 (in Rs crore) 
Sector 
2022-23  
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
2024-25 
Budgeted 
% change 
from RE 23-24 
to BE 24-25 
Budget Provisions  
2024-25 
Education, Sports, 
Arts, and Culture 
 35,458   38,403   38,826   44,579  15% 
? Provision of Rs 3,000 crore has 
been made towards the Mission 
Schools of Excellence Scheme.   
Transport  13,172   20,990   18,911   22,692  20% 
? Rs 16,816 crore has been allocated 
towards capital outlay on roads and 
bridges. 
Energy  16,218   20,823   15,476   20,267  31% 
? Rs 12,207 crore has been allocated 
towards power subsidies for 
agriculture. 
Health and Family 
Welfare 
 13,401   15,141   16,809   19,348  15% 
? Rs 2,191 crore has been allocated 
towards the Aarogya Suraksha 
Yojana. 
Urban 
Development 
 12,652   17,710   18,394   18,634  1% 
? Rs 8,864 crore has been allocated 
towards the Swarnim Jayanti 
Mukhya Mantri Shaheri Vikas 
Yojana. 
Irrigation and 
Flood Control 
 7,802   15,401   12,991   17,438  34% 
? Rs 5,609 crore has been allocated 
towards capital outlay on medium 
irrigation, and Rs 2,493 crore 
towards capital outlay on minor 
irrigation. 
Agriculture and 
Allied Activities 
 7,786   11,643   10,882   11,857  9% 
? Rs 1,140 crore has been allocated 
towards financial assistance to 
farmers for interest subvention. 
Social Welfare 
and Nutrition 
 9,613   10,413   12,106   11,358  -6% 
? Provision of Rs 2,865 crore has 
been made towards the Special 
Nutrition Programme. 
Police 6,421 7,108 7,687 8,712 13% 
? Rs 7,127 crore has been allocated 
towards District Police. 
Rural 
Development 
8,230 7,721 7,535 8.555 14% 
? Rs 1,184 crore has been allocated 
towards grants to panchayats for 
creation of capital assets. 
% of total 
expenditure on 
all sectors 
61% 62% 62% 62%   
Sources:  Annual Financial Statement, Gujarat Budget 2024-25;  
Page 4


 
 
 
 
 
    
      
    
Gujarat Budget Analysis 
2024-25 
The Finance Minister of Gujarat, Mr Kanubhai Desai, presented the Budget for the state for the financial year 2024-
25 on February 2, 2024. 
Budget Highlights 
? The Gross State Domestic Product (GSDP) of Gujarat for 2024-25 (at current prices) is projected to be Rs 
27.9 lakh crore, amounting to growth of 13.3% over the revised estimates for 2023-24. 
? Expenditure (excluding debt repayment) in 2024-25 is estimated to be Rs 2,99,362 crore, an increase of 
16% over the revised estimates of 2023-24.  In addition, debt of Rs 29,085 crore will be repaid by the state. 
? Receipts (excluding borrowings) for 2024-25 are estimated to be Rs 2,47,445 crore, an increase of 15% as 
compared to the revised estimate of 2023-24.   
? Revenue surplus in 2024-25 is estimated to be 0.4% of GSDP (Rs 9,821 crore), lower than the revised 
estimates for 2023-24 (0.8% of GSDP).  In 2023-24, the revenue surplus is expected to be higher than the 
budget estimate (0.4% of GSDP). 
? Fiscal deficit for 2024-25 is targeted at 1.9% of GSDP (Rs 51,917 crore).  In 2023-24, as per the revised 
estimates, fiscal deficit is expected to be 1.7% of GSDP, lower than the budget estimate (1.8% of GSDP).  
Policy Highlights 
? Namo Laxmi Scheme:  The government will provide scholarships to girls studying in secondary and 
higher secondary schools.  Every girl student will get a total assistance of Rs 50,000 over four years.     
? Namo Saraswati Scheme:  Financial assistance of Rs 25,000 will be provided to students from low and 
middle income households enrolling in the science stream in classes 11 and 12.   
? Namo Shri Scheme:  Pregnant women belonging to specified categories (such as SC, ST, and BPL) will be 
provided a one-time financial assistance of Rs 12,000. 
? Anganwadi 2.0 Scheme:  Under this scheme, 8,000 new anganwadis will be built, and 20,000 anganwadis 
will be provided with IT connectivity.  The outlay for the scheme is approximately Rs 1,800 crore. 
? Suposhit Gujarat Mission:  It will provide for adequate nutrition to children, adolescent girls, and women.  
It will enhance the number of beneficiaries as well as assistance under various existing schemes, and new 
schemes will be launched whenever required. 
? Nirmal Gujarat Abhiyan 2.0:  Arrangements will be put in place for collection, segregation, and suitable 
disposal of dry and wet waste. 
Gujarat’s Economy 
? GSDP:  In 2022-23, Gujarat’s GSDP (at constant 
prices) is estimated to grow at 8%.  Gujarat’s 
GSDP is estimated to grow at a faster rate than 
the national GDP in 2022-23 (7.2%). 
? Sectors:  The services sector recorded a faster 
growth in 2022-23 (8.5%) as compared to the 
agriculture and manufacturing, which grew at 
4.6% and 3.4%, respectively. 
? In 2022-23, agriculture, manufacturing, and 
services sectors are estimated to contribute 20%, 
45%, and 35% to the economy, respectively (at 
current prices).   
? Per capita GSDP:  The per capita GSDP in 2022-
23 (at current prices) is estimated at Rs 3,13,512, 
an increase of 14% over 2021-22. 
Figure 1: Growth in GSDP and sectors in Gujarat 
at constant prices (2011-12) 
 
Note: Agriculture also includes mining and quarrying; manufacturing 
also includes construction, and electricity, gas, water, and other 
utility services.  These numbers are as per constant prices (2011-12) 
which implies that the growth rate is adjusted for inflation. 
Sources: Gujarat Socio Economic Review 2023-24;  
7.2%
5.8%
7.9%
7.0%
-3.7%
-1.0%
-4.7%
-1.9%
5.4%
10.0%
6.7%
10.1%
4.6%
3.4%
8.5%
8.0%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Agriculture Manufacturing Services GSDP
2019-20 2020-21 2021-22 2022-23
 
 
  
 
 
 
 
 
   
 
Budget Estimates for 2024-25 
? Total expenditure (excluding debt repayment) in 2024-25 is targeted at Rs 2,99,362 crore.  This is an 
increase of 16% over the revised estimate of 2023-24.  This expenditure is proposed to be met through 
receipts (excluding borrowings) of Rs 2,47,445 crore and net borrowings of Rs 48,415 crore.  Total 
receipts for 2024-25 (other than borrowings) are expected to register an increase of 15% over the revised 
estimate of 2023-24. 
? Revenue surplus in 2024-25 is estimated to be 0.4% of GSDP (Rs 9,821 crore), lower than the revised 
estimates for 2023-24 (0.8% of GSDP).  In 2023-24, revenue surplus is estimated to be significantly higher 
than budget estimate (0.4% of GSDP).  This is owing to 4% higher revenue receipts estimated at the revised 
stage as compared to budget stage, whereas revenue expenditure is estimated to be 1% lower than budgeted. 
? Fiscal deficit for 2024-25 is targeted at 1.9% of GSDP (Rs 51,917 crore), higher than the revised estimates 
for 2023-24 (1.7% of GSDP).  Fiscal deficit estimates for both 2023-24 and 2024-25 are well within the 
limit of 3.5% of GSDP permitted by the central government (of which 0.5% of GSDP will be made 
available only upon undertaking certain power sector reforms). 
Table 1: Budget 2024-25 - Key figures (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 23-24 to RE 
23-24 
2024-25 
Budgeted 
% change from 
RE 23-24 to BE 
24-25 
Total Expenditure 2,38,667 2,96,574 2,84,694 -4.0%  3,28,447  15.4% 
(-) Repayment of debt 22,159 26,304 26,151 -0.6%  29,085  11.2% 
Net Expenditure (E) 2,16,508 2,70,270 2,58,543 -4.3%  2,99,362  15.8% 
Total Receipts 2,51,995 2,93,341 2,81,697 -4.0%  3,24,945  15.4% 
(-) Borrowings 52,333 68,001 65,634 -3.5%  77,500  18.1% 
Net Receipts (R) 1,99,662 2,25,340 2,16,063 -4.1%  2,47,445  14.5% 
Fiscal Deficit (E-R) 16,845 44,930 42,480 -5.5%  51,917  22.2% 
as % of GSDP 0.8% 1.8% 1.7%  1.9%  
Revenue Surplus 19,865 9,038 18,618 106.0%  9,821  -47.2% 
as % of GSDP 0.9% 0.4% 0.8%  0.4%  
Primary Deficit -8,508 16,310 14,690 -9.9%  21,963  49.5% 
as % of GSDP -0.4% 0.6% 0.6%  0.8%  
GSDP 22,30,609 25,62,975 24,64,300 -3.9% 27,92,545 13.3% 
Note:  BE is Budget Estimates; RE is Revised Estimates. 
Sources:  Annual Financial Statement and Budget in Brief, Gujarat Budget 2024-25;  
Expenditure in 2024-25 
? Revenue expenditure for 2024-25 is estimated to be Rs 
2,19,832 crore, an increase of 11% over the revised estimate of 
2023-24.  This includes the expenditure on salaries, pensions, 
interest, grants, and subsidies. 
? Capital outlay for 2024-25 is proposed to be Rs 75,689 crore, 
an increase of 29% over the revised estimate of 2023-24.  
Capital outlay indicates the expenditure towards creation of 
assets.  As per revised estimates, capital outlay in 2023-24 is 
estimated to be 16% lower than the budget estimates.  Key 
sectors where capital outlay is estimated to be lower than 
budgeted in 2023-24 are: (i) Energy (by Rs 3,115 crore), (ii) 
Irrigation and Flood Control (by Rs 2,241 crore) and (iii) Roads 
and Bridges (by Rs 2,070 crore).           
Table 2:  Expenditure budget 2024-25 (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 23-24 to RE 
23-24 
2024-25 
Budgeted 
% change from 
RE 23-24 to BE 
24-25 
Revenue Expenditure  1,79,543   1,98,672   1,97,175  -1%  2,19,832  11% 
Capital Outlay  35,499   70,101   58,696  -16%  75,689  29% 
Loans given by the state  1,466   1,497   2,672  78%  3,842  44% 
Net Expenditure  2,16,508   2,70,270   2,58,543  -4%  2,99,362  16% 
Sources:  Annual Financial Statement, Gujarat Budget 2024-25; 
Allocation towards subsidies 
In 2024-25, Rs 31,330 crore is estimated to be 
spent on subsidies.  This is an increase of 12% 
over the revised estimates for 2023-24 (Rs 
28,003 crore).  Rs 12,207 crore has been 
allocated towards power subsidy for agriculture 
(39% of the total subsidies for 2024-25).  Other 
major subsidies include: (i) development of the 
textile industry (Rs 1,600 crore), , (ii) subsidies 
to the Gujarat State Road Transport 
Corporation (Rs 1,155 crore), and (iii) 
assistance to large industries (Rs 1,145 crore). 
 
 
  
 
 
 
 
 
   
 
Committed expenditure: Committed expenditure of a state typically includes expenditure on payment of 
salaries, pensions, and interest.  A larger proportion of the budget being allocated for committed expenditure 
items limits the state’s flexibility to decide on other developmental expenditure priorities such as capital outlay.  
In 2024-25, Gujarat is estimated to spend Rs 1,05,357 crore on committed expenditure, which is 46% of its 
estimated revenue receipts.  This comprises spending on salaries (21% of revenue receipts), pension (12%), and 
interest payments (13%).  In 2023-24, expenditure towards pensions is estimated to be 17% higher than the 
budget estimate. 
Table 3: Committed Expenditure in 2024-25 (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change 
from BE 23-24 
to RE 23-24 
2024-25 
Budgeted 
% change 
from RE 23-24 
to BE 24-25 
Salaries       41,557        45,094        44,528  -1%       48,980  10% 
Interest payment       25,354        28,620        27,790  -3%       29,954  8% 
Pension       22,435        21,529        25,180  17%       26,424  5% 
Total Committed Expenditure       89,346        95,242        97,497  2%    1,05,357  8% 
Note:  Salary data for 2023-24 (BE) has been back calculated from the figure given as a percentage of revenue receipts.   
Sources:  Annual Financial Statement and Statements under the Gujarat Fiscal Responsibility Act, 2005, Gujarat Budget 2024-25; 
Sector-wise expenditure: The sectors listed below account for 62% of the total expenditure on sectors by the 
state in 2024-25.  A comparison of Gujarat’s expenditure on key sectors with that by other states is shown in 
Annexure 1. 
Table 4: Sector-wise expenditure under Gujarat Budget 2024-25 (in Rs crore) 
Sector 
2022-23  
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
2024-25 
Budgeted 
% change 
from RE 23-24 
to BE 24-25 
Budget Provisions  
2024-25 
Education, Sports, 
Arts, and Culture 
 35,458   38,403   38,826   44,579  15% 
? Provision of Rs 3,000 crore has 
been made towards the Mission 
Schools of Excellence Scheme.   
Transport  13,172   20,990   18,911   22,692  20% 
? Rs 16,816 crore has been allocated 
towards capital outlay on roads and 
bridges. 
Energy  16,218   20,823   15,476   20,267  31% 
? Rs 12,207 crore has been allocated 
towards power subsidies for 
agriculture. 
Health and Family 
Welfare 
 13,401   15,141   16,809   19,348  15% 
? Rs 2,191 crore has been allocated 
towards the Aarogya Suraksha 
Yojana. 
Urban 
Development 
 12,652   17,710   18,394   18,634  1% 
? Rs 8,864 crore has been allocated 
towards the Swarnim Jayanti 
Mukhya Mantri Shaheri Vikas 
Yojana. 
Irrigation and 
Flood Control 
 7,802   15,401   12,991   17,438  34% 
? Rs 5,609 crore has been allocated 
towards capital outlay on medium 
irrigation, and Rs 2,493 crore 
towards capital outlay on minor 
irrigation. 
Agriculture and 
Allied Activities 
 7,786   11,643   10,882   11,857  9% 
? Rs 1,140 crore has been allocated 
towards financial assistance to 
farmers for interest subvention. 
Social Welfare 
and Nutrition 
 9,613   10,413   12,106   11,358  -6% 
? Provision of Rs 2,865 crore has 
been made towards the Special 
Nutrition Programme. 
Police 6,421 7,108 7,687 8,712 13% 
? Rs 7,127 crore has been allocated 
towards District Police. 
Rural 
Development 
8,230 7,721 7,535 8.555 14% 
? Rs 1,184 crore has been allocated 
towards grants to panchayats for 
creation of capital assets. 
% of total 
expenditure on 
all sectors 
61% 62% 62% 62%   
Sources:  Annual Financial Statement, Gujarat Budget 2024-25;  
 
 
  
 
 
 
 
 
   
 
Receipts in 2024-25 
? Total revenue receipts for 2024-25 are estimated to be Rs 2,29,653 crore, an increase of 6% over the 
revised estimate of 2023-24.  Of this, Rs 1,68,625 crore (73%) will be raised by the state through its own 
resources, and Rs 61,028 crore (27%) will come from the centre.  Resources from the centre will be in the 
form of state’s share in central taxes (18% of revenue receipts) and grants (8% of revenue receipts). 
? State’s own tax revenue:  Gujarat’s total own tax revenue is estimated to be Rs 1,48,950 crore in 2024-25, 
an increase of 11% over the revised estimate of 2023-24.  Own tax revenue as a percentage of GSDP is 
estimated at 5.3% in 2024-25, marginally lower than the revised estimates for 2023-24 (5.4%).  As per the 
actual figures for 2022-23, own tax revenue was 5.6% of GSDP. 
? Devolution:  In 2024-25, state’s share in central taxes is estimated at Rs 42,245 crore, a marginal increase 
of 1% over the revised estimate of 2023-24. 
? Grants from the centre in 2024-25 are estimated at Rs 18,783 crore, a decrease of 10% over the revised 
estimates of 2023-24.  This is mainly due to a decrease estimated in grants towards centrally sponsored 
schemes (Rs 12,802 crore) as compared to the revised estimates for 2023-24 (Rs 18,703 crore).  In 2023-24, 
grants from the centre are estimated to be 28% higher than the budget estimate, mainly on account of a 
higher grants estimated towards centrally sponsored schemes.  
Table 5: Break-up of the state government’s receipts (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 2023-24 to 
RE 2023-24 
2024-25 
Budgeted 
% change from 
RE 2023-24 to 
BE 2024-25 
State's Own Tax  1,24,810   1,38,848   1,34,076  -3%  1,48,950  11% 
State's Own Non-Tax  18,434   17,013   19,262  13%  19,675  2% 
Share in Central Taxes  33,034   35,559   41,649  17%  42,245  1% 
Grants-in-aid from Centre  23,131   16,290   20,807  28%  18,783  -10% 
Revenue Receipts 1,99,408 2,07,710 2,15,793 4%  2,29,653  6% 
Non-Debt Capital Receipts  254   17,630   270  -98%  17,792  6495% 
Net Receipts  1,99,662   2,25,340   2,16,063  -4.1%  2,47,445  15% 
Note:  BE is Budget Estimates; RE is Revised Estimates.  
Sources:  Annual Financial Statement, Gujarat Budget 2024-25;  
? In 2024-25, State GST is estimated to be the largest 
source of own tax revenue (50% share).  State GST 
revenue is estimated to increase by 21% over the 
revised estimates of 2023-24.  However, in 2023-24, as 
per the revised estimates, revenue from SGST is 
expected to be 6% lower the budget estimates.   
? Land revenue in 2024-25 is estimated to register a 
decrease of 16% as compared to the revised estimates 
for 2023-24.  Although, in 2023-24, land revenue is 
estimated to be 131% higher than budgeted (an 
increase of Rs 3,736 crore).  
Receipts from disinvestment 
Gujarat has estimated that it will earn Rs 17,500 
crore from disinvestments of public sector and other 
undertakings in 2024-25 (majority of non-debt capital 
receipts).  In 2023-24, the state had estimated to earn 
the same amount in the budget estimates, however, 
at the revised stage, no receipts are estimated from 
this source.  As per CAG (2023), 30 out of the 100 
state PSUs reported losses in 2021-22.  It also 
observed that as of March 2022, accumulated losses 
of 22 PSUs were Rs 29,313 crore.   
Table 6:  Major sources of state’s own-tax revenue (in Rs crore) 
Head 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 23-24 to RE 
23-24 
2024-25 
Budgeted 
% change from 
RE 23-24 to BE 
24-25 
State GST  52,154   66,030   61,815  -6%  74,597  21% 
Sales Tax/ VAT  36,984   39,246   31,800  -19%  33,900  7% 
Stamps Duty and Registration Fees  14,207   13,950   15,000  8%  16,000  7% 
Taxes and Duties on Electricity  10,594   10,230   11,798  15%  11,754  -0.4% 
Taxes on Vehicles  5,002   5,183   5,183  0%  5,600  8% 
Land Revenue  4,481   2,860   6,596  131%  5,510  -16% 
State Excise  188   155   180  16%  155  -14% 
GST Compensation Grants 7,955 - - - - - 
GST Compensation Loans - - - - - - 
     
Page 5


 
 
 
 
 
    
      
    
Gujarat Budget Analysis 
2024-25 
The Finance Minister of Gujarat, Mr Kanubhai Desai, presented the Budget for the state for the financial year 2024-
25 on February 2, 2024. 
Budget Highlights 
? The Gross State Domestic Product (GSDP) of Gujarat for 2024-25 (at current prices) is projected to be Rs 
27.9 lakh crore, amounting to growth of 13.3% over the revised estimates for 2023-24. 
? Expenditure (excluding debt repayment) in 2024-25 is estimated to be Rs 2,99,362 crore, an increase of 
16% over the revised estimates of 2023-24.  In addition, debt of Rs 29,085 crore will be repaid by the state. 
? Receipts (excluding borrowings) for 2024-25 are estimated to be Rs 2,47,445 crore, an increase of 15% as 
compared to the revised estimate of 2023-24.   
? Revenue surplus in 2024-25 is estimated to be 0.4% of GSDP (Rs 9,821 crore), lower than the revised 
estimates for 2023-24 (0.8% of GSDP).  In 2023-24, the revenue surplus is expected to be higher than the 
budget estimate (0.4% of GSDP). 
? Fiscal deficit for 2024-25 is targeted at 1.9% of GSDP (Rs 51,917 crore).  In 2023-24, as per the revised 
estimates, fiscal deficit is expected to be 1.7% of GSDP, lower than the budget estimate (1.8% of GSDP).  
Policy Highlights 
? Namo Laxmi Scheme:  The government will provide scholarships to girls studying in secondary and 
higher secondary schools.  Every girl student will get a total assistance of Rs 50,000 over four years.     
? Namo Saraswati Scheme:  Financial assistance of Rs 25,000 will be provided to students from low and 
middle income households enrolling in the science stream in classes 11 and 12.   
? Namo Shri Scheme:  Pregnant women belonging to specified categories (such as SC, ST, and BPL) will be 
provided a one-time financial assistance of Rs 12,000. 
? Anganwadi 2.0 Scheme:  Under this scheme, 8,000 new anganwadis will be built, and 20,000 anganwadis 
will be provided with IT connectivity.  The outlay for the scheme is approximately Rs 1,800 crore. 
? Suposhit Gujarat Mission:  It will provide for adequate nutrition to children, adolescent girls, and women.  
It will enhance the number of beneficiaries as well as assistance under various existing schemes, and new 
schemes will be launched whenever required. 
? Nirmal Gujarat Abhiyan 2.0:  Arrangements will be put in place for collection, segregation, and suitable 
disposal of dry and wet waste. 
Gujarat’s Economy 
? GSDP:  In 2022-23, Gujarat’s GSDP (at constant 
prices) is estimated to grow at 8%.  Gujarat’s 
GSDP is estimated to grow at a faster rate than 
the national GDP in 2022-23 (7.2%). 
? Sectors:  The services sector recorded a faster 
growth in 2022-23 (8.5%) as compared to the 
agriculture and manufacturing, which grew at 
4.6% and 3.4%, respectively. 
? In 2022-23, agriculture, manufacturing, and 
services sectors are estimated to contribute 20%, 
45%, and 35% to the economy, respectively (at 
current prices).   
? Per capita GSDP:  The per capita GSDP in 2022-
23 (at current prices) is estimated at Rs 3,13,512, 
an increase of 14% over 2021-22. 
Figure 1: Growth in GSDP and sectors in Gujarat 
at constant prices (2011-12) 
 
Note: Agriculture also includes mining and quarrying; manufacturing 
also includes construction, and electricity, gas, water, and other 
utility services.  These numbers are as per constant prices (2011-12) 
which implies that the growth rate is adjusted for inflation. 
Sources: Gujarat Socio Economic Review 2023-24;  
7.2%
5.8%
7.9%
7.0%
-3.7%
-1.0%
-4.7%
-1.9%
5.4%
10.0%
6.7%
10.1%
4.6%
3.4%
8.5%
8.0%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Agriculture Manufacturing Services GSDP
2019-20 2020-21 2021-22 2022-23
 
 
  
 
 
 
 
 
   
 
Budget Estimates for 2024-25 
? Total expenditure (excluding debt repayment) in 2024-25 is targeted at Rs 2,99,362 crore.  This is an 
increase of 16% over the revised estimate of 2023-24.  This expenditure is proposed to be met through 
receipts (excluding borrowings) of Rs 2,47,445 crore and net borrowings of Rs 48,415 crore.  Total 
receipts for 2024-25 (other than borrowings) are expected to register an increase of 15% over the revised 
estimate of 2023-24. 
? Revenue surplus in 2024-25 is estimated to be 0.4% of GSDP (Rs 9,821 crore), lower than the revised 
estimates for 2023-24 (0.8% of GSDP).  In 2023-24, revenue surplus is estimated to be significantly higher 
than budget estimate (0.4% of GSDP).  This is owing to 4% higher revenue receipts estimated at the revised 
stage as compared to budget stage, whereas revenue expenditure is estimated to be 1% lower than budgeted. 
? Fiscal deficit for 2024-25 is targeted at 1.9% of GSDP (Rs 51,917 crore), higher than the revised estimates 
for 2023-24 (1.7% of GSDP).  Fiscal deficit estimates for both 2023-24 and 2024-25 are well within the 
limit of 3.5% of GSDP permitted by the central government (of which 0.5% of GSDP will be made 
available only upon undertaking certain power sector reforms). 
Table 1: Budget 2024-25 - Key figures (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 23-24 to RE 
23-24 
2024-25 
Budgeted 
% change from 
RE 23-24 to BE 
24-25 
Total Expenditure 2,38,667 2,96,574 2,84,694 -4.0%  3,28,447  15.4% 
(-) Repayment of debt 22,159 26,304 26,151 -0.6%  29,085  11.2% 
Net Expenditure (E) 2,16,508 2,70,270 2,58,543 -4.3%  2,99,362  15.8% 
Total Receipts 2,51,995 2,93,341 2,81,697 -4.0%  3,24,945  15.4% 
(-) Borrowings 52,333 68,001 65,634 -3.5%  77,500  18.1% 
Net Receipts (R) 1,99,662 2,25,340 2,16,063 -4.1%  2,47,445  14.5% 
Fiscal Deficit (E-R) 16,845 44,930 42,480 -5.5%  51,917  22.2% 
as % of GSDP 0.8% 1.8% 1.7%  1.9%  
Revenue Surplus 19,865 9,038 18,618 106.0%  9,821  -47.2% 
as % of GSDP 0.9% 0.4% 0.8%  0.4%  
Primary Deficit -8,508 16,310 14,690 -9.9%  21,963  49.5% 
as % of GSDP -0.4% 0.6% 0.6%  0.8%  
GSDP 22,30,609 25,62,975 24,64,300 -3.9% 27,92,545 13.3% 
Note:  BE is Budget Estimates; RE is Revised Estimates. 
Sources:  Annual Financial Statement and Budget in Brief, Gujarat Budget 2024-25;  
Expenditure in 2024-25 
? Revenue expenditure for 2024-25 is estimated to be Rs 
2,19,832 crore, an increase of 11% over the revised estimate of 
2023-24.  This includes the expenditure on salaries, pensions, 
interest, grants, and subsidies. 
? Capital outlay for 2024-25 is proposed to be Rs 75,689 crore, 
an increase of 29% over the revised estimate of 2023-24.  
Capital outlay indicates the expenditure towards creation of 
assets.  As per revised estimates, capital outlay in 2023-24 is 
estimated to be 16% lower than the budget estimates.  Key 
sectors where capital outlay is estimated to be lower than 
budgeted in 2023-24 are: (i) Energy (by Rs 3,115 crore), (ii) 
Irrigation and Flood Control (by Rs 2,241 crore) and (iii) Roads 
and Bridges (by Rs 2,070 crore).           
Table 2:  Expenditure budget 2024-25 (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 23-24 to RE 
23-24 
2024-25 
Budgeted 
% change from 
RE 23-24 to BE 
24-25 
Revenue Expenditure  1,79,543   1,98,672   1,97,175  -1%  2,19,832  11% 
Capital Outlay  35,499   70,101   58,696  -16%  75,689  29% 
Loans given by the state  1,466   1,497   2,672  78%  3,842  44% 
Net Expenditure  2,16,508   2,70,270   2,58,543  -4%  2,99,362  16% 
Sources:  Annual Financial Statement, Gujarat Budget 2024-25; 
Allocation towards subsidies 
In 2024-25, Rs 31,330 crore is estimated to be 
spent on subsidies.  This is an increase of 12% 
over the revised estimates for 2023-24 (Rs 
28,003 crore).  Rs 12,207 crore has been 
allocated towards power subsidy for agriculture 
(39% of the total subsidies for 2024-25).  Other 
major subsidies include: (i) development of the 
textile industry (Rs 1,600 crore), , (ii) subsidies 
to the Gujarat State Road Transport 
Corporation (Rs 1,155 crore), and (iii) 
assistance to large industries (Rs 1,145 crore). 
 
 
  
 
 
 
 
 
   
 
Committed expenditure: Committed expenditure of a state typically includes expenditure on payment of 
salaries, pensions, and interest.  A larger proportion of the budget being allocated for committed expenditure 
items limits the state’s flexibility to decide on other developmental expenditure priorities such as capital outlay.  
In 2024-25, Gujarat is estimated to spend Rs 1,05,357 crore on committed expenditure, which is 46% of its 
estimated revenue receipts.  This comprises spending on salaries (21% of revenue receipts), pension (12%), and 
interest payments (13%).  In 2023-24, expenditure towards pensions is estimated to be 17% higher than the 
budget estimate. 
Table 3: Committed Expenditure in 2024-25 (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change 
from BE 23-24 
to RE 23-24 
2024-25 
Budgeted 
% change 
from RE 23-24 
to BE 24-25 
Salaries       41,557        45,094        44,528  -1%       48,980  10% 
Interest payment       25,354        28,620        27,790  -3%       29,954  8% 
Pension       22,435        21,529        25,180  17%       26,424  5% 
Total Committed Expenditure       89,346        95,242        97,497  2%    1,05,357  8% 
Note:  Salary data for 2023-24 (BE) has been back calculated from the figure given as a percentage of revenue receipts.   
Sources:  Annual Financial Statement and Statements under the Gujarat Fiscal Responsibility Act, 2005, Gujarat Budget 2024-25; 
Sector-wise expenditure: The sectors listed below account for 62% of the total expenditure on sectors by the 
state in 2024-25.  A comparison of Gujarat’s expenditure on key sectors with that by other states is shown in 
Annexure 1. 
Table 4: Sector-wise expenditure under Gujarat Budget 2024-25 (in Rs crore) 
Sector 
2022-23  
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
2024-25 
Budgeted 
% change 
from RE 23-24 
to BE 24-25 
Budget Provisions  
2024-25 
Education, Sports, 
Arts, and Culture 
 35,458   38,403   38,826   44,579  15% 
? Provision of Rs 3,000 crore has 
been made towards the Mission 
Schools of Excellence Scheme.   
Transport  13,172   20,990   18,911   22,692  20% 
? Rs 16,816 crore has been allocated 
towards capital outlay on roads and 
bridges. 
Energy  16,218   20,823   15,476   20,267  31% 
? Rs 12,207 crore has been allocated 
towards power subsidies for 
agriculture. 
Health and Family 
Welfare 
 13,401   15,141   16,809   19,348  15% 
? Rs 2,191 crore has been allocated 
towards the Aarogya Suraksha 
Yojana. 
Urban 
Development 
 12,652   17,710   18,394   18,634  1% 
? Rs 8,864 crore has been allocated 
towards the Swarnim Jayanti 
Mukhya Mantri Shaheri Vikas 
Yojana. 
Irrigation and 
Flood Control 
 7,802   15,401   12,991   17,438  34% 
? Rs 5,609 crore has been allocated 
towards capital outlay on medium 
irrigation, and Rs 2,493 crore 
towards capital outlay on minor 
irrigation. 
Agriculture and 
Allied Activities 
 7,786   11,643   10,882   11,857  9% 
? Rs 1,140 crore has been allocated 
towards financial assistance to 
farmers for interest subvention. 
Social Welfare 
and Nutrition 
 9,613   10,413   12,106   11,358  -6% 
? Provision of Rs 2,865 crore has 
been made towards the Special 
Nutrition Programme. 
Police 6,421 7,108 7,687 8,712 13% 
? Rs 7,127 crore has been allocated 
towards District Police. 
Rural 
Development 
8,230 7,721 7,535 8.555 14% 
? Rs 1,184 crore has been allocated 
towards grants to panchayats for 
creation of capital assets. 
% of total 
expenditure on 
all sectors 
61% 62% 62% 62%   
Sources:  Annual Financial Statement, Gujarat Budget 2024-25;  
 
 
  
 
 
 
 
 
   
 
Receipts in 2024-25 
? Total revenue receipts for 2024-25 are estimated to be Rs 2,29,653 crore, an increase of 6% over the 
revised estimate of 2023-24.  Of this, Rs 1,68,625 crore (73%) will be raised by the state through its own 
resources, and Rs 61,028 crore (27%) will come from the centre.  Resources from the centre will be in the 
form of state’s share in central taxes (18% of revenue receipts) and grants (8% of revenue receipts). 
? State’s own tax revenue:  Gujarat’s total own tax revenue is estimated to be Rs 1,48,950 crore in 2024-25, 
an increase of 11% over the revised estimate of 2023-24.  Own tax revenue as a percentage of GSDP is 
estimated at 5.3% in 2024-25, marginally lower than the revised estimates for 2023-24 (5.4%).  As per the 
actual figures for 2022-23, own tax revenue was 5.6% of GSDP. 
? Devolution:  In 2024-25, state’s share in central taxes is estimated at Rs 42,245 crore, a marginal increase 
of 1% over the revised estimate of 2023-24. 
? Grants from the centre in 2024-25 are estimated at Rs 18,783 crore, a decrease of 10% over the revised 
estimates of 2023-24.  This is mainly due to a decrease estimated in grants towards centrally sponsored 
schemes (Rs 12,802 crore) as compared to the revised estimates for 2023-24 (Rs 18,703 crore).  In 2023-24, 
grants from the centre are estimated to be 28% higher than the budget estimate, mainly on account of a 
higher grants estimated towards centrally sponsored schemes.  
Table 5: Break-up of the state government’s receipts (in Rs crore) 
Items 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 2023-24 to 
RE 2023-24 
2024-25 
Budgeted 
% change from 
RE 2023-24 to 
BE 2024-25 
State's Own Tax  1,24,810   1,38,848   1,34,076  -3%  1,48,950  11% 
State's Own Non-Tax  18,434   17,013   19,262  13%  19,675  2% 
Share in Central Taxes  33,034   35,559   41,649  17%  42,245  1% 
Grants-in-aid from Centre  23,131   16,290   20,807  28%  18,783  -10% 
Revenue Receipts 1,99,408 2,07,710 2,15,793 4%  2,29,653  6% 
Non-Debt Capital Receipts  254   17,630   270  -98%  17,792  6495% 
Net Receipts  1,99,662   2,25,340   2,16,063  -4.1%  2,47,445  15% 
Note:  BE is Budget Estimates; RE is Revised Estimates.  
Sources:  Annual Financial Statement, Gujarat Budget 2024-25;  
? In 2024-25, State GST is estimated to be the largest 
source of own tax revenue (50% share).  State GST 
revenue is estimated to increase by 21% over the 
revised estimates of 2023-24.  However, in 2023-24, as 
per the revised estimates, revenue from SGST is 
expected to be 6% lower the budget estimates.   
? Land revenue in 2024-25 is estimated to register a 
decrease of 16% as compared to the revised estimates 
for 2023-24.  Although, in 2023-24, land revenue is 
estimated to be 131% higher than budgeted (an 
increase of Rs 3,736 crore).  
Receipts from disinvestment 
Gujarat has estimated that it will earn Rs 17,500 
crore from disinvestments of public sector and other 
undertakings in 2024-25 (majority of non-debt capital 
receipts).  In 2023-24, the state had estimated to earn 
the same amount in the budget estimates, however, 
at the revised stage, no receipts are estimated from 
this source.  As per CAG (2023), 30 out of the 100 
state PSUs reported losses in 2021-22.  It also 
observed that as of March 2022, accumulated losses 
of 22 PSUs were Rs 29,313 crore.   
Table 6:  Major sources of state’s own-tax revenue (in Rs crore) 
Head 
2022-23 
Actuals 
2023-24 
Budgeted 
2023-24 
Revised 
% change from 
BE 23-24 to RE 
23-24 
2024-25 
Budgeted 
% change from 
RE 23-24 to BE 
24-25 
State GST  52,154   66,030   61,815  -6%  74,597  21% 
Sales Tax/ VAT  36,984   39,246   31,800  -19%  33,900  7% 
Stamps Duty and Registration Fees  14,207   13,950   15,000  8%  16,000  7% 
Taxes and Duties on Electricity  10,594   10,230   11,798  15%  11,754  -0.4% 
Taxes on Vehicles  5,002   5,183   5,183  0%  5,600  8% 
Land Revenue  4,481   2,860   6,596  131%  5,510  -16% 
State Excise  188   155   180  16%  155  -14% 
GST Compensation Grants 7,955 - - - - - 
GST Compensation Loans - - - - - - 
     
 
 
  
 
 
 
 
 
   
 
Deficits and Debt Targets for 2024-25 
The Gujarat Fiscal Responsibility Act, 2005 provides annual targets to progressively reduce the outstanding 
liabilities, revenue deficit, and fiscal deficit of the state government. 
Revenue surplus:  It is the difference of revenue expenditure and revenue receipts.  A revenue surplus implies 
that the government need not borrow to finance those expenses which do not increase its assets or reduce its 
liabilities.  The budget estimates a revenue surplus of Rs 9,821 crore (0.4% of the GSDP) in 2024-25. 
Fiscal deficit:  It is the excess of total expenditure over total receipts.  This gap is filled by borrowings by the 
government and leads to an increase in total liabilities.  In 2024-25, the fiscal deficit is estimated to be 1.9% of 
GSDP.  The fiscal deficit estimate for 2023-24 is well within the limit of 3.5% of GSDP permitted by the central 
government, of which 0.5% of GSDP will be available only upon carrying out certain power sector reforms.   
The state government has projected that its fiscal deficit is likely to be higher in both 2025-26 (2.3% of GSDP) 
and 2026-27 (2.3% of GSDP).  
Outstanding Public Debt:  Outstanding public debt is the accumulation of total unpaid borrowings at the end 
of a financial year.  It does not include certain other liabilities such as liabilities towards public accounts.  At the 
end of 2024-25, the outstanding public debt is estimated to be 15.3% of GSDP, roughly same as the revised 
estimate for 2023-24.  The outstanding public debt rose in 2020-21 (COVID year), and has reduced thereafter. 
Outstanding Government Guarantees: Outstanding liabilities of states do not include a few other liabilities 
that are contingent in nature, which states may have to honour in certain cases.  State governments guarantee the 
borrowings of State Public Sector Enterprises (SPSEs) from financial institutions.  As of March 31, 2023, the 
state’s outstanding guarantee is estimated to be Rs 1,473 crore, which is 0.1% of GSDP in 2022-23. 
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Figure 2: Revenue and Fiscal Balance (% of GSDP)  
Note: Positive (+) figures indicate a surplus, negative (-) figures 
indicate a deficit.  *Figures for 2025-26 and 2026-27 are projections; 
For 2020-21 and 2021-22, deficits reported without treating GST 
compensation loans as grants.  RE is Revised Estimates; BE is 
budget estimates. 
Sources: Medium Term Fiscal Policy of various years, Gujarat 
Budget 2024-25;   
Figure 3: Outstanding Public Debt (as % of GSDP)
 
Note: *Figures for 2025-26 and 2026-27 are projections; RE is 
Revised Estimates; BE is budget estimates. 
Sources: Medium Term Fiscal Policy of various years, Gujarat 
Budget 2024-25; 
0.1%
-1.4%
0.3%
0.9%
0.8%
0.4%
0.1% 0.1%
-1.5%
-2.5%
-1.2%
-0.8%
-1.7%
-1.9%
-2.3% -2.3%
-3%
-2%
-1%
0%
1%
2%
3%
2019-20
2020-21
2021-22
2022-23
2023-24 RE
2024-25 BE
2025-26*
2026-27*
Revenue Balance Fiscal Balance
16.4%
18.3%
16.0%
15.2% 15.3% 15.3%
15.0%
14.6%
0%
5%
10%
15%
20%
25%