When Rupani leaves office, Gujarat’s debt will be Rs 4 lakh crore

Gandhinagar, 16 May 2020

The Government of Gujarat is taking loans by mortgaging the assets of the citizens of Gujarat before many financial institutions. As on March 31, the state’s public debt stood at Rs 167,651 crore. Gujarat’s BJP’s Bundhiyar Rupani government will go to the polls after completing its second term. At the end of that financial year 22-23, the debt will increase to Rs 371989 crore. Corona will have to take Rs 30,000 crore in interest. Therefore, Gujarat’s debt will cross Rs 4 lakh crore in 2022-23.

Gujarat government will be heavily indebted due to Corona. When Rupani leaves power in 2022-23, the debt will be Rs 4 lakh crore. Every Gujarati will have an average debt of Rs 20,000. After Corona will be born with this burden.

In 2017-18, the government spent Rs. 17,146 crore, while in 2018-19, the government paid Rs. 18,124 crore interest was paid. 20,000 crore interest in 2020-21.

Rupani has made Gujarat a debtor. It is a mystery why the debt is rising despite Gujarat’s huge income. Each Gujarati government pays an average of Rs 20,000 a year in taxes. Gujarat has an income of Rs 2,17,287 crore, the same amount was presented in the budget.

As on December 31, 2019, the state’s public debt stood at Rs. 2.40 lakh crore. In 2017-18, Rs. 13,253 crore, while debt in 2018-19 was Rs. 28,061 crore.

The interest burden that the government has to pay on public debt is becoming unbearable, as the government does not look back on debt. Receives high interest money from various institutions. The government focuses most on market loans, as market loans range from 6.68 to 9.75 per cent. The state government has borrowed Rs 1.79 crore to Rs 2 lakh crore.

13253 crore in 2017-18 and Rs. 28061 crore in 2018-19. 30846 crore and Rs. 33564 crore interest was paid last year.

During 2004-17, the income of the people of Gujarat i.e. the state’s GDP grew at a rate of 9.2 per cent, but the government’s tax revenue increased at a rate of 14.19 per cent and non-tax revenue like fines, fees, charges etc. increased at a rate of 17.26 per cent.

The government is expected to get Rs 2.20 lakh crore this year. Thus, the income of the government increased much more than the income of the people. Gujarat is the highest taxing state in the country