As per the Economic Survey for 2018-19, which was tabled by the state finance minister Sudhir Mungantiwar in the state legislature on Monday, state's public debt rose to Rs 4.14 lakh crore in 2018-19 against Rs 4.02 lakh crore in 2017-18, while the interest payment increased to Rs 33,929 crore against Rs 33,018 crore. However, Mungantiwar said that the debt stock of Rs 4.14 lakh crore is 15.6% of the 16.7% of the gross state domestic product (GSDP) in 2017-18 which is well within the limit of 22.3% laid down by the 14th Finance Commission.
The debt stock was restricted at Rs 4.14 lakh crore, as the state government could raise debt worth Rs 11,000 crore for capital expenditure against its plan of Rs 59,000 crore.
According to the Economic Survey 2018-19, the fiscal deficit was 1.81% and the revenue deficit was 0.6% of gross state domestic product (GSDP). This was possible due to the state's adherence to the consolidated fiscal reform path laid by the Finance Commissions.
The total revenue receipts rose to Rs 2,86,500 crore against Rs 2,43,654 crore in 2017-18 while the tax revenue was reported at Rs 2,30,982 crore and non-tax revenue at Rs 55,518 crore. The revenue expenditure shot up at Rs 3,01,460 crore against Rs 2,41,571 crore in 2017-18.
The committed expenditure on salary, pension and interest payments rose to Rs 1.50,126 crore against Rs 1,31,959 crore, a rise of 13.8%. Its share was 49.8% of total revenue expenditure.
The share of capital receipts in total receipts and capital expenditure in total expenditure was 16.7% and 12.6% respectively while the share of development expenditure in revenue expenditure was 70.7%.
Major Subsidies
The state government had provided subsidies worth Rs 15,880 crore to various sectors in 2018-19. Of the Rs 15,880 crore, Rs 7,766 crore was given as compensation to Maharashtra State Electricity Distribution Company for subsidised tariffs to agriculture and power looms, Rs 3,035 crore towards incentives under package scheme of incentives to industrial units, Rs 1,870 crore for foodgrain distribution and related schemes like Antyodaya Anna Yojana and Annapurna Scheme, Rs 1,724 crore for state share in the Pradhan Mantri Crop Insurance Scheme and Rs 1,485 crore towards compensation to recoup losses of Maharashtra State Road Transport Corporation for providing concessional fares.
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