Gujarat’s total outstanding liabilities rose 10.36% on year to about Rs 3.15 lakh crore in 2019-20, according to the latest report of Comptroller and Auditor General of India (CAG) tabled in the state assembly on Tuesday.
As per the State Finances Audit Report of CAG for the fiscal 2019-20: “Total outstanding liabilities comprises internal debt of Rs 2,59,661 crore (82.31%), public account liabilities of `48,361 crore (15.33%) and loans and advances from Government of India of Rs 7,433 crore (2.36%). The percentage of total outstanding liabilities to Gross State Domestic Produce (GSDP) continuously decreased from 21.49% (2015-16) to 18.96% (2019-20).”
Public debt receipts of the state government increased from Rs 23,486 crore in 2015-16 to Rs 43,491 crore in 2019-20 and public debt repayments increased from Rs 6,194 crore in 2015-16 to Rs 16,702 crore in 2019-20. The percentage of public debt repayment to public debt receipts has increased from 26.37% to 38.4%, indicating the need to review sustainability of public debt of the state, the CAG noted. The net availability of borrowed funds for current operations after debt redemption (principal and interest payments) was Rs 7,162 crore during 2019-20.
As far as per capita income of Gujarat is concerned, it remained at Rs 2,54,789 during 2019-20, which was 68% higher than the all-India average of Rs 1,51,677. The state achieved all the targets of major fiscal variables set under the Gujarat Fiscal Responsibility Act, 2005. The state has been in revenue surplus since 2011-12. The ratio of fiscal deficit to GSDP at 1.48% and public debt at 16.06% were within the targets set under the Act. Outstanding guarantees of the state at Rs 4,462 crore during 2019-20 was much lower than the ceiling of Rs 20,000 crore prescribed under the Gujarat State Guarantees Act, 1963.