Goa has improved its performance in the NITI Aayog Fiscal Health Index (FHI) 2026, rising from third to second position among 18 major Indian states with a composite score of 54.7.
This places the state in the “Achiever” category, reflecting robust fiscal management, efficient revenue mobilisation, and well-planned expenditure. Only Odisha ranked higher nationally, making Goa a benchmark in .
Niti Aayog’s 2026 (FHI) for 2023-24 suggests that states with widening revenue deficits should prioritise aligning revenue expenditure with sustainable revenue growth.
Odisha tops the list
Odisha, Goa, Jharkhand, Gujarat, Maharashtra, Chhattisgarh, Telangana, Uttar Pradesh, Karnataka and Madhya Pradesh have emerged as India’s top 10 fiscally-wise states, according to the latest fiscal health index for the financial year 2023-24.
“Odisha remains the top performer, improving its score over the previous year, with Goa and Jharkhand also featuring among the top Achiever states. Gujarat and Maharashtra continue in the top five, while Haryana records a notable year-on-year improvement of three ranks. Bihar, Karnataka and Telangana show a mild recovery, whereas Punjab, West Bengal and Kerala remain at the bottom of the rankings,” the report reads.
Bihar, Karnataka and Telangana showed a mild recovery, whereas Punjab, West Bengal and Kerala remained at the bottom of the index.
Evaluated on five parameters
The FHI 2026 evaluates states on five key parameters: revenue mobilisation, expenditure quality, fiscal prudence, debt management, and debt sustainability.
Goa stands out for its exceptional revenue mobilisation, ranking second among major states, which enables the state to fund development projects and growth-focused initiatives while maintaining , the Goa government said in a statement shared with Mint.
In the FHI of 2025, which ranked states based on their fiscal situation during 2022-23, Odisha ranked 1st, followed by Chhattisgarh, Goa, Jharkhand, and Gujarat.
“Goa’s fiscal strength is further reinforced by healthy capital expenditure and strategic allocation of resources, reflecting the state’s focus on balanced developmental spending and effective financial management. This strong expenditure profile supports ongoing investment in growth-oriented projects, maintaining fiscal stability and enabling long-term economic resilience,” a Goa government press statement shared with Mint said.
Arunachal Pradesh has topped among NE states
Overall, higher-ranked states display stronger fiscal discipline and resource mobilisation efforts, while lower-ranked states exhibit higher non-developmental expenditure and less sustainable fiscal patterns, the FHI 2026 report said.
Among north-eastern and Himalayan states, Arunachal Pradesh has topped in the index, followed by Uttarakhand, Tripura, Meghalaya, Assam and Mizoram.
The report was released by Niti Aayog Vice Chairman on 11 March.
“We are seeing at the national level shocks that come from a number of sources. We are talking international shocks, but there are domestic shocks as well… so one important developmental consequence of maintaining strong fiscal health is, of course, to have a buffer when shocks hit,” he said.
(With agency inputs)