BUSINESS
Of the total Rs 3,871 crore, Rs 1229 crore is for the payment of interest on market loans by the state Rs 965 is for the repayment of RBI loan
The cash-strapped Maharashtra government presented supplementary demands worth Rs 3,871 crore to meet the state expenditure, especially on development projects and interests payable for the remaining period of FY2017-18, during the budget session on Monday.
The state finance minister, Sudhir Mungantiwar, will be presenting the annual budget for 2018-19 on March 9.
Out of the Rs 3871 crore, the government has allotted Rs 1229 crore for the payment of interest on the government's market loans and Rs 965 crore to repay the amount taken from the Reserve Bank of India. Additionally, the government has made an allocation of Rs 560 crore on establishment cost required for bridges in rural areas, Rs 354 crore for payment of scholarship to students from other backward classes and Rs 18 crore to the department of woman and child welfare.
The state has a public debt of Rs 3.80 lakh crore as on 2017-18 which is expected to cross Rs 4.50 lakh crore in 2018-19. The government's annual outgo towards interest payment in the range of Rs 25,000 to Rs 29,000 crore.
The state government faces fund crunch following the announcement of Rs 32,000 crore crop loan waiver as it fears that the revenue deficit may cross Rs 10,000 crore against the budget estimate of Rs 4,511 crore by end of 2017-18.
Further, the fiscal deficit is likely to cross 3 per cent from 1.7 per cent during the same period. The government has already imposed per cent cut in the budgetary spending and had asked the various departments not to raise supplementary demands in the budget session unless they are of utmost importance.
The additional grant required to meet the government’s expenditure is known as supplementary demands or grants.
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