Budget Comparison: New York City vs Kerala
source -> kerala_budget_2025_26
Budget of newyork
- FY 2026 budget: about $115.9 billion.
- Population: ~8.5 million
- Budget per resident: roughly $13,000–$14,000 per year
Major Spending Areas (FY 2026)
Approximate allocation:
| Category | Amount | Share |
|---|---|---|
| Education (schools, CUNY) | ~$31.2B | ~26.9% |
| Social services | ~$19.3B | ~16.6% |
| Other city agencies | ~$33.1B | ~28.6% |
| Employee pensions & benefits | ~$25.2B | ~21.7% |
| Debt service | ~$4.9B | ~4.2% |
New York City vs Kerala
| Metric | New York City | Kerala |
|---|---|---|
| Population | ~8.5 million | ~35 million |
| Total Budget | ~$116B | ~₹1.98 lakh crore (~$24B) |
| Per-capita spending | ~$13,600 per person | ~$685 per person |
| Main revenue sources | Property tax, income tax, sales tax, federal/state aid | GST share, state taxes, central transfers, borrowing |
Interest Payments: New York City vs Kerala
| Metric | New York City | Kerala |
|---|---|---|
| Annual Interest Payments | ~$5.3B | ~₹25,000–27,000 crore (~$3.0B) |
| Share of Budget | ~4–5% | ~12–14% |
Debt Repayment (Principal): New York City vs Kerala
| Metric | New York City | Kerala |
|---|---|---|
| Annual Principal Repayment | ~$3–4B (approx typical bond maturities) | ~₹1,14,961 crore (~$13–14B) |
| Share of Budget | ~3–4% | ~36–40% |
Kerala: The 2025-26 budget estimates ₹1,14,961 crore in debt repayment (principal payments on past loans).
Interest + Principal
| Government | Interest | Principal | Total Debt Service |
|---|---|---|---|
| New York City | ~$5.3B | ~$3–4B | ~$8–9B |
| Kerala | ~₹31,800 crore | ~₹1,14,961 crore | ~₹1,46,000+ crore |
Approximate USD:
- NYC: ~$8–9B
- Kerala: ~$17–18B
Fiscal Burden Comparison
| Metric | NYC | Kerala |
|---|---|---|
| Debt service share of budget | ~7–8% | ~45–50% |
Kerala spends almost half of its financial flows on debt servicing, while NYC spends less than 10%.
New Debt per Year: Kerala vs New York City
| Metric | New York City | Kerala |
|---|---|---|
| New Borrowing per year | ~$8–10B (typical bond issuance) | ₹40,848 crore(~$4.8–5B) |
| Share of Budget | ~7–9% | ~20–21% |
Kerala: Net borrowing in the 2025-26 budget is ₹40,848 crore.