The correct answer is D) All of the above.
State Taxes (GST, Excise): The Madhya Pradesh government collects taxes on goods and services (GST), as well as excise taxes on alcohol and tobacco. These taxes are a major source of revenue for the state government.
Central Grants: The central government provides grants to the state governments for a variety of purposes, such as education, health, and infrastructure development. These grants are also a major source of revenue for the Madhya Pradesh government.
Borrowings: The Madhya Pradesh government borrows money from banks and other financial institutions to finance its activities. These borrowings are a relatively small source of revenue for the state government, but they can be a significant source of funding for large projects.
In addition to these three sources of revenue, the Madhya Pradesh government also collects fees and charges, and receives income from its own enterprises. However, these sources of revenue are relatively small compared to the three major sources listed above.