India, July 20 -- While averages are deceptive, aggregate data blatantly lies. Disaggregated data can throw up surprises in all domains - be it in healthcare or financial robustness of a country.

For instance, India being a federal structure, the country's overall risk profile does not reflect individual contributions of the States. At the combined, all-State level, the picture may look reassuring. But the disaggregated numbers tell a different story.

Eighteen of India's 28 States breached the constitutionally mandated ceiling of 3 per cent of gross State domestic product (GSDP) on fiscal deficit in FY25. The CAG (Comptroller and Auditor General) called it the sharpest downfall since the pandemic year of FY21.

While some States lag beh...