UP debt estimated to cross Rs 2.3 lakh cr in 2013-14

Even as Uttar Pradesh government made hefty provisions in the annual Budget to fulfil promises made by the ruling Samajwadi party in its election manifesto, the state's debt burden is also estimated to cross Rs 2.3 lakh crore in the financial year 2013-14.

In its annual financial detail and analysis of financial state, the state government has projected a debt burden of Rs 2,39,878.35 crore in 2013-2014, which would be 29.5 per cent of the gross state domestic product (GSDP).

If divided by the total population of the state, which is around 20 crore, the per capita debt burden works out to Rs 11,994 per individual.

The debt burden of the state has almost doubled in the last nine financial years.

While the debt burden of the state was at Rs 1,21,126.55 crore in the financial year 2004-05, it rose to Rs 2,19,304.01 crore in the ongoing 2012-13 financial year.

As per the estimates, the state would be required to pay Rs 17,054.54 crore as interest on debt during the current fiscal. This would be 8.1 per cent of the total budget size.

The fiscal deficit of the state has also increased in the last nine financial years.

While fiscal deficit was at Rs 12,997 crore in the 2004-05 financial year, it is estimated at around Rs 23,913.29 crore in the current fiscal.