Maha debt stock to surge to Rs 7.82 lakh cr in 2024-25
SANJAY JOG
Maharashtra’s debt stock, which comprises outstanding loans and other liabilities is expected to increase to Rs 7,82,991 crore in 2024-25 against Rs 7,11,278 crore in 2023-24, an increase of 10 per cent.
However, the Economic Survey for 2024-25 has said that the estimated debt stock of Rs 7,82,991 crore will be 17.3 per cent to the gross state domestic product (GSDP) well within the 25 per cent of GSDP as per the recommendation of the Finance Commission and the Maharashtra Fiscal Responsibility Budget Management rules 2006. As per 2024-25 (Budget Estimate), the major contributor of total debt stock is internal debt of the state which is expected to be Rs 6,37,141 crore (81.4 per cent).
The debt stock in 2018-19 was Rs 4,07,152 crore (16.1 per cent) which later rose to Rs 4,51,117 crore in 2019-20 (17 per cent), Rs 5,19,086 crore in 2020-21 (19.9 per cent), Rs 5,76,868 crore in 2021-22 (18.3 per cent) and Rs 6,29,235 crore in 2022-23.
As far as outstanding guarantees of the stated at the end of 2022-23 were Rs 66,726 crore (16.4 per cent) of total revenue receipts. The highest outstanding guarantees was of urban development department will be 40.6 per cent followed by public works department 27.9 per cent and industry, energy and labour department 27.1 per cent.
As per the Economic Survey, the state is expected to receive Rs 70,375 crore grants during the five year award period starting from 2012-22 to 2025-26. However, grants in aid are expected to decrease by 19.5 per cent inn2024-25 (BE) as compared to previous year. The grants in aid in 2024-25 are expected to be Rs 52,715 crore lower than Rs 65,444 crore in 2023-24 (Revised Estimate). Further, loans and advances will be also lower at Rs 9,721 crore against Rs 16,354 crore last year.
As per the provisions of GST (Compensation to States) Act, 2017, states are entitled to receive compensation from the Centre for the loss of revenue. Accordingly, a total compensation of Rs 1,20,593 crore was due from the Centre of which 100 per cent is received up to January this year.
Further, total expenditure on subsidies is expected to be Rs 33,063 crore in 2024-25 comprising Rs 5,685 crore for concession in energy tariff to agriculture pump consumer general schemes, Rs 5,000 crore for premium subsidy under Pradhan Mantri Crop Insurance Scheme, Ra 3,600 crore for incentives under package scheme of incentives, Rs 1,750 crore for transport commissioner establishment, Ra 1,250 crore for Gharkul Yojana for Scheduled Caste and Nav Buddha people (rural), Rs 1,200 crore for concession in energy tariff to industrial consumers and Rs 1,000 crore for Namo Shetkari Mahasanman Nidhi Yojana.