The PUBLIC DEBT… ₹ 20824.86

  • Goa’s debt as on March 31, 2022
  • ₹8500 borrowed in the last five years, since 2022

 

Goemkarponn desk

PANAJI: In the last ten years of teh BJP rule in Goa, the State has seen several development projects, but at the same time, the State’s debts have also increased manifolds.

In teh last five years itself, the State’s debts have increased by ₹8500 crores.

The total Public Debt of the State as of 31st March 2022 (Estimated) stands at ₹ 20824.86 crores.

The Public debt of the State is showing an increasing trend.

The public debt as of 31st March 2017 was ₹ 12395.42

crore, which increased by 22.78% to ₹ 15219.56 crores in 2019-20.

The major component of the Public Debt is Market loans

which is estimated at ₹17160.00 crores for 2021-22 (BE)

which is 82.40% of the total debt.

The second major component of Public Debt is from Central loans and NSSF, which is estimated at ₹ 2650.00 crores, followed by loans from NABARD, which is ₹ 980.00 crore (2021-22 BE).

The Debt/ GSDP ratio has increased from 19.37% in 2018 to 23.29 in 2022 (Estimated).

 

No revenue generation

Since 2018, the State has lost ₹1500 crores annually due to the mining crisis.

The mining industry contributed around ₹1500-₹2000 cr to the State treasury, but after Supreme Court struck off the renewal of mining leases, the operations have come to a grinding halt and, as such, have immensely affected the State finances.

Worse still, there have been no revenue-generating measures.

Even in this Budget speech, the State Finance Minister, Dr Pramod Sawant, made no efforts to generate revenue. He said he did not want to burden the common man further. Thus indicating that the State will continue to borrow from the banks instead of becoming self-reliant.

State Finances

For the last two years, the global economy has seen a lot of instability due to Covid 19 pandemic. The period\ from March 2019 to March 2021 saw a global slump in the economy, and Goa was not spared from its effects.

The growth of the State was adversely affected. However, 2021-22 has shown signs of recovery.

As per Budget Estimates for the years 2021-22, the

revenue receipts are estimated to be ₹ 14787.50 crores as

against ₹ 12652.86 crores (RE 2020-21).

The revenue surplus is estimated to be ₹ 58.46 crores (BE 2021-22), and the fiscal deficit is estimated to be ₹ 2650.53 crores.

The capital receipts are estimated at ₹ 3631.84 crores as against ₹ 3236.43 crores (RE 2021-22), showing an increase of 12.22%. The internal debt of the State is estimated at ₹ 3124.30.

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