The crop loan waiver scheme and the implementation of the 7th Pay Commission have created the added burden
The debt stock is expected to rise to Rs 4.13 lakh crore in 2017-18 against Rs 3.71 lakh crore in 2016-17, a rise of Rs 41,997 crore while the interest burden may increase to Rs 31,037 crore against Rs 28,830 crore. The average cost of borrowings is reported at 8.4 per cent against 8.9 per cent. State finance minister, Sudhir Mungantiwar, told the state assembly that the state's debt stock was at 16.6 per cent of GSDP, which was well within the 22.2 per cent limit laid down by the 14th Finance Commission.
However, the state government's crop loan waiver scheme worth Rs 32,000 crore and the proposed allocation of Rs 21,500 crore due to the implementation of the 7th Pay Commission report to over 17 lakh employees have put a burden on state finances. The revenue deficit is estimated at Rs 4,511 crore while the fiscal deficit at 1.6 per cent of GSDP (base year 2011-12). However, they are expected to rise further.
The government has already introduced 30 per cent cut in the budgetary spending. It had an impact on the capital expenditure, which forced the government to explore multiple options to mop up resources through additional borrowings and loan from the multilateral institutions and domestic institutions.
As per the 2017-18 budgetary estimates, revenue receipts are expected to be Rs 2,43,738 crore, of which tax revenue is Rs 2,20,012 crore.The expected share of taxes levied by the state is 78.3 per cent in total revenue receipts in 2017-18. The expected tax revenue will be Rs 1,90,842 crore and non tax worth Rs 52,896 crore for 2017-18. Actual revenue receipts during April to December 2017 were Rs 1,66,005 crore (68.1 per cent of budgetary estimate) showing an increase of 17.8 per cent over the corresponding period of 2016-17. The tax revenue is expected to increase by 11.6 per cent during 2017-18 over the previous year, the survey said.
As far as the state goods and services tax (SGST) is concerned, the government has estimated it at Rs 30,138 crore up to December 2017.
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 "Sudhir Mungantiwar and Deepak Kesarkar")
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