The liabilities, which stood at Rs 71,169 crore in 2007 is estimated to be Rs 2,78,132 crore in 2018.
Rajasthan’s outstanding liabilities and debt has increased by a whopping Rs 2,00,000 crore in last 10 years, according to a research by Budget Analysis Rajasthan Centre.
The liabilities, which stood at Rs 71,169 crore in 2007 is estimated to be Rs 2,78,132 crore in 2018.
The amount has exponentially increased since 2015, after central government had introduced Ujwal DISCOM Assurance Yojana (UDAY), which forced the state government to bear some amount of DISCOM loan. This was explained during a budget workshop with MLAs organised by Budget Analysis Rajasthan Centre on Monday.
Meanwhile, the amount of interest being paid is slowly growing to be equal to the amount of loan taken every year, revealing that the loan is being taken to pay the interests.
“The gap is slowly narrowing. The expenditure on interest payment is increasingly growing to total loan taken in a year. Is the loan being taken just to pay interest? If the interest is less than the amount of loan, it shows the loan is taken for productive purpose. This data reveals the loan is taken to finance previous stress burdens,” said Nesar Ahmad, coordinator, BARC.
Independent MLA Manik Chand Surana, also said that heavy taxes being taken for development, revenue deficit, capital expenditure, is negatively affecting the state’s economy.
“Congress wildly took loans. Their records were further broken by BJP. When the maturity period comes for fixed loans, they will taken more money to pay it off. The limit of taking loans is set by the ruling party,” Surana said.
Furthermore, the percentage amount of yearly loan taken other than for UDAY has also increased and is observed to be more than the percentage increase in the yearly total revenue of the state, Ahmad explained.
According to the research, the budget is expected to increase by 12 pre cent in 2018, while the debt is expected to increase by 14 per cent.
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