Every family pay Rs. 20 thousand as govt interest annually

Gujarat’s debt reduced from 24 percent to 15 percent in 24 years

Gandhinagar, 20 December 2024
The Gujarat government has increased capital expenditure by 65 percent in the financial year 2023-24 and 40 percent in the financial year 2024-25 as compared to the financial year 2022-23. This is the claim made by the Finance Minister’s department.

The reality is that in 2021-22, Bhupendra Patel’s BJP government has a debt and liability of Rs. 25 crore. 380797.53 crore. In which Rs. 31580 crore was increased in 2022-23. Rs. 25353.68 crore interest was paid. The government pays interest for 3,622 years on behalf of every citizen. The government is giving a loan of Rs. 18 thousand to Rs. 18 thousand per family. 20 thousand average interest paid.

The public debt to GDP ratio of the state should remain below 27.10 percent. Public debt was 23.86 percent of GSDP in 2000-02. 15.34 percent in the estimate for 2023-24 and 15.27 percent in the estimate for 2024-25.

The state’s fiscal expenditure in 2024-25 is estimated at 1.86 percent against the limit of 3 percent.

The interest on loans to income has come down from a high of 25.17 percent in 2000-01 to 11.76 percent in 2022-23. According to the revised estimate, it is estimated to be 11.68 percent in 2023-24.

Gujarat is at the forefront in taking 50-year interest-free long-term loans from the government, which is 20 percent of the public debt.

Public Debt
The Finance Department is giving details in percentage. But the debt figure is not given.
As of March 1, 2024, the debt and other liabilities of the Gujarat government have reached Rs. 4.12 lakh crore.
412378.26 crore, of which the government debt amount is Rs. 325273 crore. Loans and advances from the Center to Gujarat amount to Rs. 35458 crore. Other liabilities Rs. 51647 crore.

Audit Statement
In the written statement of the financial accounts of the state government for the year ended March 31, 2023 presented in the Assembly by the Comptroller and Auditor General of India (CAG), the government has taken market loans of Rs. 43000 crore. When the debt of Rs 14700 crore was repaid. Thus, more loans are being taken than repayment.

Market loan as on 31st March 2023 is Rs. 283057 crores. Loans and liabilities have increased by Rs. 117751.56 crores in one year. Against that, loans worth Rs. 86170.83 crores have been disbursed. Thus, the loan taken is more.