J&K govt`s total liabilities go up to Rs 24,275 crore
In a projection of Jammu and Kashmir`s deteriorating financial setup, the state`s total liabilities -- including public debt -- have increased to Rs 24,275 crore, constituting 70 per cent of the GSDP.
Jammu: In a projection of Jammu and Kashmir`s deteriorating financial setup, the state`s total liabilities -- including public debt -- have increased to Rs 24,275 crore, constituting 70 per cent of the Gross State Domestic Product (GSDP).
Speaking on the matter, Principal Accountant General (PAG) D J Bhadra said, "Liabilities of the state government increased by Rs 2,920 crore from Rs 21,355 crore in 2007-08 to Rs 24,757 crore during 2008-09."
Besides this, public debt increased by Rs 2,245 crore from Rs 14,226 to Rs 16,471 crore, the PAG said in its report on the review of the state government`s accounts.
Taking a dig at the state government, the PAG report further said, "No law has been passed by the state legislature under Article 293 of the constitution, laying down the limits within which the government may borrow on the security of the consolidated fund of the state."
Elaborating further, it said that the total liabilities in 2004-05 amounted to Rs 14,189 crore, which further went up to Rs 16,790 crore in 2005-06 and Rs 18,591 crore in 2006-07.
"The total liabilities of Rs 24,575 crore in 2008-09 constitutes 70 percent of the GSDP, at Rs 34,805 crore," he said.
The percentage of total liabilities increased from 58 per cent of the GSDP in 2004-05 to 63 per cent in 2005-06, and later, 64 per cent in 2006-07 to 67 per cent in 2007-08.
Rs 7,414.58 crore was the total debt in 2001-2002, which shot up to Rs 16,471 crore in 2008-09. The internal debt has shot up from Rs 3,032.29 crore in 2000-01 to Rs 13,335.73 crore at present.
However, the outstanding debt through loans from the government went down from Rs 4,382.29 crore in 2000-01 to Rs 3,135 crore in 2008-09.
The Jammu and Kashmir government has paid Rs 11,407 crore as interest in the past eight years, from 2000-01 to 2008-09.