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India state fiscal health: Manipur leads capital outlay ranking in FY25

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India state fiscal health: Manipur leads capital outlay ranking in FY25

Home / Economy / News / India state fiscal health: Manipur leads capital outlay ranking in FY25

Business Standard's State Fiscal Health Tracker compares states and Union Territories on capital outlay as a share of total expenditure. Here's what the FY25 Budget Estimates show

Rimjhim Singh New Delhi 3 min read Last Updated : Aug 31 2026 | 9:51 AM IST

Manipur had the highest capital outlay as a share of total expenditure among states and Union Territories for which comparable data was available in 2024-25 Budget Estimates (BE), at 28.8 per cent, according to Business Standard's India State Fiscal Health Tracker.

The tracker is based on the Reserve Bank of India’s 2025 Handbook of Statistics on Indian States and compares states and Union Territories across eight fiscal indicators.

In the ranking, Manipur was followed by Sikkim and Arunachal Pradesh at 23.8 per cent each, Gujarat at 23 per cent and Odisha at 22 per cent. At the other end were Punjab, Puducherry, Kerala, Delhi and Haryana.

What does capital outlay as a share of total expenditure tell us?

Capital outlay as a share of total expenditure measures the proportion of a state's spending that goes towards creating or acquiring assets. These can include infrastructure such as roads, irrigation systems and government buildings.

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The measure is useful as it represents spending directed towards asset creation and can provide an indication of a state's investment orientation.


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