States’ capital expenditure likely declined by 14% on year in the first two months of the current financial year compared with a whopping 90% rise in the year-ago period, largely due to a slowdown in spending in some states on account of elections and lower growth in tax revenues. A review of the finances of 24 states by FE, showed that their capex in FY24 rose to Rs 7.16 trillion compared with Rs 5.68 trillion in the previous year, up 26%.