Kerala’s debt grows to 40% of GSDP: CAG

The total receipt was Rs 1,38,884.49 crore, which comprised revenue receipts of Rs 97,616.83 crore and capital receipts of Rs 41,267.66 crore.

THIRUVANANTHAPURAM: The state government’s debt obligations rose to 39.87% of the GSDP in 2020-21, according to the Comptroller and Auditor General’s (CAG) annual accounts tabled in the assembly on Friday.

The debt and other obligations for the year was Rs 3,02,620.01 crore. It does not include the Rs 5,766 crore availed of as back-to-back loans facilitated by the central government to make up for the shortfall in GST compensation. The Fiscal Responsibility Act 2003 and the Fiscal Responsibility (Second Amendment) ordinance 2020 had mandated the state to reduce the state’s total debt liabilities to 29.67% of the GSDP. The report said the percentages of revenue deficit, fiscal deficit and debt liabilities were more than the targets mandated in the Act and rules.

The other targets were to eliminate the revenue deficit completely and to maintain the fiscal deficit to 3% of the GSDP. But the revenue deficit and fiscal deficit for the year were 3.40% and 5.40% respectively.
The total receipt was Rs 1,38,884.49 crore, which comprised revenue receipts of Rs 97,616.83 crore and capital receipts of Rs 41,267.66 crore.

The revenue receipts included tax revenue of Rs 59,221.24 crore, non-tax revenue Rs 7,327.31 crore and grant-in-aid of Rs 31,068.28 crore. The GST collection was Rs 20,028.31 crore compared to Rs 20,446.95 crore in 2019-20, registering a decline of Rs 418.64 crore (2.05%).