State’s debt shoots up by Rs 24,768 crore in 2015-16

The figure is inclusive of off-budget borrowings of Rs 7,698.69 crore.

Published: 23rd November 2016 03:53 AM  |   Last Updated: 23rd November 2016 03:53 AM   |  A+A-

Express News Service

BELAGAVI: The state government’s debt has increased sharply by Rs 24,768.84 crore in the year 2015-16, according to a report tabled in the Assembly on Tuesday. The figure is inclusive of off-budget borrowings of Rs 7,698.69 crore.

However, the state’s debt burden is within the Karnataka Fiscal Responsibility (Amendment) Act, 2014 where the government is committed to reducing the fiscal deficit to not more than 3 per cent of the estimated GSDP.

The report, a compliation of the finance accounts of the state government for the year ending March 31, 2016, states that the ratio of the outstanding total public debt and other liabilities, including the balance of off-budget borrowing of the State, came to Rs 1,83,321.77 crore at the end of the year. This works out to 24.91 per cent of the GSDP.

The report, brought out in two volumes, contains the Appropriation Accounts of the government for Grants and Charged Appropriations.

The state has spent Rs 1,75,623.08 crore  towards repayment of debts for the year 2015-16 and Rs 1,58,552.93 crores for the year 2014-15.            

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