An ET analysis found that in 2021-22, for all of India's states, over a quarter of their own taxes went into pension bills. Their combined pensions payments rose 11.9% annually since 2013-14, higher than the 10% rise in their own taxes over this period. If all the states flipped to the old defined-benefit pension system, pensions would consume 40.5% of their own tax revenues by 2046-47.
