Maha debt stock to surge at Rs 2,53,085 cr

Maharashtra's debt stock is increasing with average rate of 11.2% and it is expected to reach to Rs 2,53,085 crore at the end of 2012-13 against Rs 1,33,722 crore in 2006-07.

The per capita debt stands at Rs 20,000.

According to the Maharashtra's Economic Survey for 2012-13 tabled in the state legislature today, the debt stock to gross state domestic product (GSDP) is likely to decrease to 18.4% from 22.9% during the same period.

The percentage of fiscal deficit to GSDP is 1.7%

State's debt stock stood at Rs 1,42,383 crore in 2007-08 which rose to Rs 1,60,672 crore in 2008-09, Rs 1,81,447 crore in 2009-10, Rs 2,03,097 crore in 2010-11, Rs 2,28,590 crore (revised estimate) in 2011-12 and Rs 2,53,085 crore in 2012-13 (budget estimate).

During the same period the interest payments increased from Rs 12,932 crore in 2007-08 to Rs 13,027 crore in  2008-09, Rs 14,838 crore in 2009-10, Rs15,648 crore in 2010-11, Rs 17,311 crore in 2011-12 (RE), Rs 18,523 crore in 2011-12 (BE).

Economic Survey states that open marketing borrowings and securities from National Small Savings Funds both of which contribute about 75% of the debt stock. Internal debt of the state government is expected to reach to Rs 1,91,449 crore (75.6% of debt stock) of which market borrowings is Rs 1,06,677 crore.

During 2012-13, the expected open market borrowings are Rs 17,797 crore. The overall expected internal debt in 2012-13 is of Rs 23,762 crore of which Rs 8,981 crore will be used for repayment.

Moreover, the outstanding guarantees given by the state government at the end of 2010-11 amounted to Rs 15,041 crore.

Meanwhile, the revenue receipts are expected to be Rs 1,36,712 crore as against Rs 1,25,313 crore. Actual revenue receipts during April to december 2012 were rs 96,405 crore (70.5% of budget estimates). Revenue expenditure is expected to be Rs 1,36,559 crore as against Rs 1,27,372 crore.

Revenue surplus of Rs 153 crore and fiscal deficit of Rs 23,066 crore is projected during 2012-13.

The GSDP at constant (2004-05) prices stood at Rs 7,87,426 crore during 2011-12 against Rs 7,35,212 crore in 2010-11, a rise of 7.1%. GSDP during 2011-12 at current prices is Rs 11,99,548 crore, an increase of 15.9%. The net state domestic product (state income) as per the first revised estimates is Rs 10,82,751 crore and per capita state income at Rs 95,339 crore during 2011-12.