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Icra Ratings in its latest report said that States are on course to spend 29 per cent more on capital expenditure in the ongoing fiscal, aided by additional central grants and market borrowings. It added the increased capex spending will see their debt-level in relation to their gross domestic product rising to 30 per cent from 28.9 per cent in FY23. It said the combined capital spending of 13 major states will rise 29 per cent this fiscal to Rs 6.2 lakh crore from Rs 4.8 lakh crore in FY23. However, despite the year-on-year growth, the capex spending is likely to be Rs 50,000 crore lower than the FY24 Budget estimates of Rs 6.7 lakh crore.
The ratings agency said the aggregate fiscal deficit of these states for FY24 is expected to go up by Rs 60,000 crore to Rs 8.3 lakh crore as against the budgeted estimate of Rs 7.7 lakh crore. With revenue likely to trail budgeted targets, revenue and fiscal deficits of these states are expected to be Rs 2.1 lakh crore and Rs 8.3 lakh crore, respectively, exceeding the FY24 Budget estimates of Rs 1.4 lakh crore and Rs 7.7 lakh crore, respectively. This will push up the leverage levels - debt and guarantees - of these states to 30 per cent of their gross state domestic product (GSDP) in FY24 from 28.9 per cent in FY23.
Some of these 13 states have adequate funds to complete 90-100 per cent of their budgeted capex in FY24, while only a few of them have to compress their capex by a sizeable extent, such as Punjab. Notably, some states' net borrowing ceiling for FY24 will be adjusted by the Centre on account of their incremental off-budget borrowings in FY22. The agency sees the combined revenue deficit of these 13 states to come in at Rs 2.1 lakh crore, higher than Rs 1.4 lakh crore in the FY24 budget estimates and nearly twice as high as the Rs 1.1 lakh crore in FY23.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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