country as a whole emerging from national accounts. While this type of consistency is not possible at present as time series data on the GSDP in each state are prepared by the statistics department of state governments, these estimates do not add up to the GDP presented in the national accounts.
The GSDP data prepared by the statistics departments of states are used by the CSO as an input into national accounts estimation, but there are differences in methods of estimating the GSDP in different states and the state GSDP series are not modified to make them consistent with each other and with the national accounts.
The high growth by states is also seen as creditable in light of the fact that after a marginal setback in 2011-12, the overall fiscal balance of the states improved sharply in 2012-13, as reflected in the reduction in gross fiscal deficit (GFD) and primary deficit (PD) as ratios to GSDP and increase in capital outlay in the majority of the states. While the consolidated revenue surplus is projected to have increased to 0.4 per cent of GDP in 2012-13 from 0.1 per cent in 2011-12, GFD and PD as ratios to GDP declined to 2.1 per cent and 0.6 per cent, respectively, in 2012-13 from 2.3 percent and 0.8 per cent, respectively, in 2011-12.
The consolidated state government debt-GDP ratio, which has been declining since end-March 2004, continued to do so in end-March 2012 (revised estimates) to 22.6 per cent.