State-wise data reveal that the debt-GSDP ratio increased for 16 states. The downside risks to fiscal position of the states include stress on revenue expenditure in the run-up to the general elections, implementation of 7th pay commission recommendations by states, and farm loan waivers in certain states etc. Fiscal slippages have also been noticed in central finances.
This has been made possible with an accelerated growth of over 50 per cent in the volume of digital payment transactions in the last five years. 22. The Reserve Bank has recently started operating its retail payment system, viz., National Electronic Funds Transfer (NEFT) on a 24x7 basis. This is a game changer and places India among very few countries which provide this facility.