Uttarakhand has emerged as one of the best-performing states in financial management, securing second place among Himalayan states in the Public Financial Management Index Assessment Report (2023–24) released by the Arun Jaitley National Institute of Financial Management (AJNIFM) under the Ministry of Finance.
The report highlights Uttarakhand’s strong fiscal discipline, rising revenue generation, and prudent expenditure management, placing it just behind Arunachal Pradesh and Meghalaya among the top three Himalayan states.
Steady Growth and Fiscal Strength
According to the AJNIFM report, Uttarakhand’s Gross State Domestic Product (GSDP) has reached ₹3,32,998 crore, registering a 14 percent growth. The state’s per capita income has climbed to ₹2,46,178, reflecting consistent economic expansion.
Uttarakhand now spends 18 percent of its total expenditure on education and health — a strong indicator of its focus on human development. Its own revenue share has grown steadily since 2020, with tax receipts showing a compound annual growth rate (CAGR) of 14 percent.
Among major sources, GST collections grew by 14 percent, stamp and registration fees by 23 percent, state excise duty by 10 percent, and petroleum and liquor taxes by 9 percent.
From Deficit to Surplus
Once struggling with a revenue deficit, Uttarakhand achieved a revenue surplus of ₹1,113 crore in 2021, which further rose to ₹5,310 crore by 2023. This fiscal turnaround enabled the state to record primary account surpluses in consecutive years and reduce its fiscal deficit from ₹7,657 crore in 2020 to just ₹2,949 crore in 2023.
By fiscal year 2024, the state’s expenditure on salaries, pensions, and interest payments is projected to fall to 58 percent of total revenue expenditure, down from 66.5 percent in 2019 — a sign of improved financial health and efficiency.
“We Are Building a 25-Year Roadmap”: CM Dhami
Chief Minister Pushkar Singh Dhami, speaking ahead of Uttarakhand’s State Foundation Day, said the achievement reflects the collective commitment of the people and government toward responsible governance. “We will prepare a 25-year roadmap together with the people of the state to make Uttarakhand a model of prosperity and discipline,” Dhami said.
With its rising revenue, controlled expenditure, and focus on people-centric development, Uttarakhand is fast establishing itself as a model of efficient governance and sound economic planning in the Himalayan region.
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