In the capital expenditure (capex) trends for financial year FY24, Andhra Pradesh (AP) has emerged as the top-performing state, registering an unprecedented 1,590 per cent growth in capital expenditure. The state's capex soared from Rs 1,138 crore in FY23 to Rs 19,240 crore in FY24, according to the data released by the finance ministry.

Telangana, which was carved out of AP on June 2, 2014, also displayed robust performance with a 175 per cent increase in capital expenditure, rising to Rs 42,327 crore in FY24 from Rs 15,380 crore in the previous fiscal.

Similarly, the north-eastern state of Meghalaya reported a strong surge, with its capex growing by 91 per cent — increasing from Rs 1,693 crore in FY23 to Rs 3,236 crore in FY24. Other states such as Gujarat and Jharkhand also registered significant capex growth. Gujarat recorded a 63 per cent rise to Rs 51,425 crore and Jharkhand achieved a 45 per cent increase to Rs 15,989 crore.

Several states reported significant contractions in their capex. Mizoram reported the sharpest decline at 50 per cent, with its capex falling from Rs 1,025 crore in FY23 to Rs 509 crore in FY24. Manipur reported a 27 per cent reduction. Himachal Pradesh (HP), Punjab and Karnataka also posted negative growth. HP's capex dropped by 24 per cent, Punjab and Karnataka reported a decline of 19 and 11 per cent, respectively. Punjab's capex declined from Rs 5,869 crore in 2022-23 to Rs 4,743 crore in 2023-24.

Some north-eastern states displayed varying trends. While Arunachal Pradesh recorded zero growth in its capex, Assam managed to increase its spending by 34 per cent. Other states, such as Kerala, Maharashtra and West Bengal saw moderate capex growth at 12, 22 and 30 per cent, respectively.

Uttar Pradesh, the country's most populous state, recorded a 6 per cent growth. Goa's capex increased by 2 per cent. Tamil Nadu reported a marginal decline of 1 percent in its capex for FY24 at Rs 35,174 crore in 2023-24, as compared to Rs 35,518 crore in 2022-23.

The data, which excludes the Rs 1 lakh crore provided by the Centre under the special assistance scheme for capital investment, underscores the vast differences in capital spending across 28 states. While some states have ramped up their investment in infrastructure and development projects, others — particularly in the northeastern and northern regions — have struggled to maintain or increase their capex.

state capex