Social welfare spending by top states to stay high at 2% of GSDP in FY26: CRISIL Ratings

Crisil Ratings projects high social welfare spending by top 18 states. It will be 2% of GSDP, reaching Rs 6.4 lakh crore in FY26. This rise may limit states' capital expenditure due to revenue deficits. Direct benefit transfers for women could reach Rs 1 lakh crore. Increased spending may not be uniform across all states.