New Delhi, March 30 -- The Budgets tabled by the states so far in 2025 indicate that growth in their collective capital outlays is projected to moderate, mimicking the trend seen in the Union budget this year, as per a report by Elara Capital.

Elara Capital said it has analysed the Budget documents presented by 18 states.

The financial services firm projected states' capital outlay to fall 15.9 per cent year-on-year in 2025-26 versus the prior two years' average growth of 23.4 per cent.

However, as a rate of GSDP (gross state domestic product), the capital outlay has been steady at 2.8 per cent, a tad above 2.7 per cent in 2024-25(RE).

"Yet, with only 54.3 per cent of the revised estimates being spent till January this financial year,...