New Delhi, Aug. 9 -- The combined fiscal deficit of 24 Indian states, representing nearly 92 per cent of the country's GDP, reached Rs 1.5 trillion or 1.8 per cent of GSDP in the first quarter of 2025-26 - April-June, according to a report by ICICI Bank Global Markets.

The ICICI Bank Global Markets analysis revealed that revenue receipts of these states grew 6.5 per cent year-on-year during the report, rebounding sharply from a 0.3 per cent decline in the same period last year.

The improvement was driven largely by stronger Own Tax Revenue (OTR), with all major components, except excise duty, registering higher growth.

Post-settlement State GST (SGST) collections rose 11.4 per cent year-on-year, while stamp duty, land revenue, and sale...