Gujarat govt's debt swells by Rs 28,000 cr in 2019 to Rs 2.4 trn: Dy CM

The Gujarat government on Thursday informed the legislative Assembly that the state's public debt has risen by over Rs 28,000 crore in one year and now stands at Rs 2.4 trn.

Responding to a written query raised by Congress MLA Shailesh Parmar during the Question Hour, Deputy Chief Minister and Finance Minister Nitin Patel said as on December 31 2019, Gujarat owes Rs 2,40,652 crore, a rise of Rs 28,061 crore from 2018-19.

On Wednesday, Patel had presented a Rs 2,17,287 crore state budget for 2020-21, with healthy allocations to education, health and agriculture sectors.

In a written reply to a sub-question about interest paid on loans taken in the last two years, Patel said in 2017 -18, the state had paid Rs 17,146 crore interest and Rs 13,700 crore as principal amount.

In 2018-19, the government had paid Rs 18,124 crore in interest and Rs 15,440 crore as principal, he added.

The present debt comprises a market loan of Rs 1,79,353 crore, while Rs 14,691 crore were borrowed from financial institutions, Rs 39,385 crore from National Small Savings Fund and Rs 7,223 crore in Central debt.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel