For the financial year 2025-26 (FY26), Indian states collectively utilized 77.23% of their budgeted capital expenditure (capex) of ₹10.26 trillion, totaling ₹7.92 trillion. This represents a decline from 80.23% in FY25, indicating a slowdown in state-level capital spending. Among the states, Telangana topped the utilization chart with 147.58%, a significant improvement from 108.13% the previous year. Conversely, West Bengal recorded the lowest utilization at 48.06%, down from 60.40% in FY25, likely influenced by recent assembly elections. Other states with low utilization included Rajasthan at 51.82% and Chhattisgarh at 57.12%. On the revenue side, states spent 87.77% of their budgeted revenue expenditure of ₹50.16 trillion, lower than the 90.72% in FY25. States also collected 91.64% of their budgeted tax revenue, with Haryana leading at 99.23% of its target. Overall, the fiscal picture reflects a mixed performance across states, with significant variations in capex and revenue spending.