States expect higher tax devolution from Centre; to borrow less in FY23: Icra

The central tax devolution is likely to rise to Rs 9.3 lakh crore in FY23 from Rs 8.8 lakh crore in FY22 and from Rs 8.2 lakh crore estimated in the FY23 budget. The FY22 devolution was higher than the revised estimate of Rs 7.4 lakh crore and 2.8 per cent lower at Rs 8.1 lakh crore, Aditi Nayar, the chief economist at the agency, said.

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