Financial Daily from THE HINDU group of publications
Tuesday, May 04, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 04, 2004 |
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Industry & Economy
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Economy Maharashtra's debt burden may be three times its revenue Mahesh Vijapurkar
Mumbai , May 3 MAHARASHTRA Government's consolidated debt burden in the current fiscal year is all set to be three times its likely revenue, according to official estimates offered to the Planning Commission recently. This easily puts the Government, battling drought and claimed poor response from the Centre to its plight, into a crisis mode. Against a revenue estimate of Rs 40,157 crore for 2004-05, the debt is projected to be a whopping Rs 1,10,396 crore, marking another worsening year in the State's fiscal management. In the previous fiscal, it was Rs 94,667 crore, and 255 per cent of the revenue. As a percentage to the revenue, it grew from 118 in 1996-97 to 222 per cen tin 1999-00 when the State's control transited from the Shiv Sea-BJP to the Congress (I)-Nationalist Congress Party coalition. Even as a percentage to the Gross State Domestic Product (GSDP), it grew from 12.68 in 1996-97 to 20.65 in 1999-00. In the current fiscal, it is poised to touch 32.65 per cent. The debt was Rs 22,726 crore in 1996-97 when the Shiv Sena-BJP rule was a year old and more than doubled to Rs 50,223 crore when the successor Congress (I)-NCP Government came into being in 1999. In its tenure, the Congress (I)-NCP dispensation too doubled the burden. Though it was criticalof the Sena-BJP's `profligacy' in running the finances, the successor Government could not develop correctives. Interest outgo, as a per cent to revenue receipts has been hovering between 23 and 27.
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