PANAJI
The total debt burden on state exchequer has increased by Rs 1,089 crore and presently stands at Rs 12,433 crore.
In reply to a question tabled by Leader of Opposition Chandrakant "Babu" Kavalekar, Finance Minister and Chief Minister Manohar Parrikar informed the House that the outstanding public debt of the state as on March 31, 2017 stands at Rs 12,433.40 crore after strictly adhering to the repayment schedules.
Speaking in the House on Thursday, Parrikar stated, "The total debt for the present financial year is Rs 12,433 crore. The variable rate of interest for this financial year is between 6.88 per cent and 7.98 per cent. Bond is floated and as per the subscription, rate is floated."
The Chief Minister further informed that in the last three months, the state government has released an amount of Rs 1,126 crore to clear the pending dues raised by contractors for developmental works.
"During this month, we will release Rs 300 crore to Rs 400 crore for clearing more bills. Most contractors have been paid and this government is trying to ensure that this expenditure is cleared.
Responding to a supplementary question posed by Curtorim MLA Aleixo Reginaldo Lourenco about the debt in 2012, when the BJP government assumed power, CM Parrikar disclosed that the outstanding debt as on March 31, 2012 was Rs 6,800-odd crore.
Curtorim MLA remarked that the state debt has doubled since 2012 from Rs 6,800 crore to Rs 12,433 this financial year.
The CM, however, dismissed Reginaldo's observation citing intricacies such as the inclusion of public debt and various other figures resulting in an increased debt figure of Rs 7,900 for March 31, 2012.
"The present State Gross Domestic Product (GSDP) has also increased to Rs 64,442 crore and the fiscal deposit has come to 1.32 per cent. We are bettering the ratios of last financial. Our debt versus GSDP ratio is below 20 per cent," Parrikar explained.
In his written reply, CM Parrikar has said that the government resorts to open market borrowings to fund capital infrastructure development projects which create capital assets for the state, and not for payment of salaries, subsidies, schemes, maintenance works, which form part of revenue expenditure and paid out from the revenue receipts.
"Government has made adequate provisions in the budget estimate, to discharge all liabilities, towards repayment of loans including the principal and interest installments," the reply stated.
The government has also sought to assure the House that repayment of loans forms part of the revenue expenditure which is adequately backed by revenue receipts of the State, which are generated by several additional revenue measures.
