Maharashtra’s debt crosses Rs 5 lakh crore

Maharashtra’s debt crosses Rs 5 lakh crore

The Economic Survey said that the state’s economy is expected to grow by minus 8 per cent during 2020-21

Maharastra Chief Minister Uddhav Thackeray. Credit: PTI File Photo

Amid a Covid-19 triggered slowdown and projected negative growth, Maharashtra’s debt stock has crossed a whopping Rs five lakh crore.

According to the Economic Survey of Maharashtra 2020-21, the debt stock currently stood at 5,20,717 crore (budget estimates) while the interest payment due was Rs 35,531 crore.

In 2019-20, the debt stock stood at Rs 4,64,020 crore (revised estimates), the interest due was Rs 34,173 crore.

The debt stock of Rs 5,20,717 crore, which is 19.6 per cent of Gross State Domestic Product (GSDP), well within the limit – 25 per cent of the GSDP – as per Fiscal Policy Strategy Statement 2020-21.

The Economic Survey said that the state’s economy is expected to grow by minus 8 per cent during 2020-21 – a similar growth what the Indian economy is expected to grow.

Maharashtra’s Agriculture and allied activities to grow by 11.7%; Industry by minus 11.3% and Services by minus nine per cent in 2021.

As per the advance estimates, nominal (at current prices) GSDP for 2020-21 is expected to be Rs 26.61 lakh crore and real (at constant 2011-12 prices) it is expected to be Rs 19.62 lakh crore for Maharashtra, according to the Economic Survey, prepared by Directorate of Economics and Statistics, that was tabled in both the Houses of Maharashtra Legislature on Friday.

The revenue receipts of the state are Rs 3,47,457 crore for 2020-21 (BE) as against Rs 3,09,881 crore during 2019-20 (RE). The tax and non-tax revenue (including central grants) as per 2020-21 (BE) are Rs 2,73,181 crore and Rs 74,276 crore respectively.

Actual revenue receipts during April to December 2020 were Rs 1,76,450 crore (50.8 per cent of BE). The revenue expenditure of the State is Rs 3,56,968 crore as per 2020-21 (BE) as against 3,41,324 crore during 2019-20 (RE).

As on March 31, 2020, aggregate bank deposits and gross credit of scheduled commercial banks in the state were Rs 27.55 lakh crore and Rs 28.26 lakh crore respectively.