Maharashtra's debt stock has surpassed a whopping Rs 6 lakh crore. The Economic Survey of Maharashtra 2021-22 said that the state's debt stock currently stood at Rs 6,15,170 crore (business estimates), while the interest due was Rs 42,988 crore.
Debt stock refers to the total value of the debt that a government owes to all its lenders.
The massive loan burden indicates the beating that the Indian economy has taken after the Covid-19 pandemic.
In 2020–21, the debt stock stood at Rs 5,38,304 crore (revised estimates), while the interest due was Rs 37,201 crore.
The debt stock, which includes unpaid loans and other liabilities to the tune of Rs 6,15,170 crore, is 19.6 per cent of the Gross State Domestic Product (GSDP). The amount is well within the limit of 25 per cent of the GSDP as per the Medium Term Fiscal Policy, Fiscal Policy Strategy Statement and Disclosures for Maharashtra 2021-22.
As per the 2021-22 (business estimates), open market borrowings and securities from National Small Savings Fund contribute to about 80.2 per cent of the debt stock.
The internal debt of the state is expected to reach Rs 5,25,862 crore (85.5 per cent of debt stock) as per 2021-22 (business estimates), of which open market borrowings are anticipated to be Rs 4,49,497 crore.
In the financial year 2021-22 (business estimate), an internal debt of Rs 1,20,550 crore is likely to be raised, of which open market borrowings are expected to be Rs 1,00,000 crore.
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