Bhubaneswar: After presenting the Vote on Account for 2019-20 (for four months), State government is expecting that the total debt burden on State will be nearly `1,03,843 crore by the end of March 2020.
Briefing the media about the Budget, finance secretary AKK Meena said the total debt burden till December of 2018-19 was `79,789 crore, which is 16.4 per cent of Gross State Domestics Product (GSDP).
By the end of this December, the State will have borrowed `4,500 crore from open market, `777.31 crore from Government of India and `2,161.88 crore from other sources including GPF loan, he said.
The total debt by the end of this fiscal year will be `87,650 crore, which is 18 per cent of GSDP, the secretary said, adding, it will increase to 19.2 per cent of GSDP to `1,03,843 crore by March 2020.
According to the Finance Minister’s statement, the total revenue receipt of the financial year 2019-20 has been worked out at `1,10,710 crore and the revenue expenditure at `1,02,227 crore. He claimed that there will be revenue surplus of `8,433 crore, which would be 1.6 per cent of GSDP. The estimated fiscal deficit of `16,193 crore would amount to 3 per cent of GSDP.
For the current fiscal year, the total expenditure is estimated at `1,20,125 crore, while the revenue receipt will be `1,01,883 crore and revenue expenditure `91,328 crore. Thus, the revenue surplus by March next would be `10,555 crore. The fiscal deficit this year is estimated to be contained at `13,935 crore, which would be 2.9 per cent of GSDP.
The finance secretary said that the economy of State and it can avail 0.25 per cent additional fiscal deficit as the State’s fiscal deficit is below the prescribed level. Thus, the State can have fiscal deficit up to 3.5 per cent of GSDP in the coming year.
German Challenge
The first murmurings of rebellion against Germany’s Chancellor Friedrich Merz are now being heard, just six months after he assumed...
Read moreDetails
