Current Affairs

Goa public debt crosses Rs 6000 crore

The public debt of Goa is showing an increasing trend and has gone beyond 6000 crore, the comptroller and auditor general of India (CAG) has observed.

From 2002 to 2010, the public debt has registered an annual compound growth rate of 16.22 per cent. The total public debt of the state as on March 31 2010 was Rs 6077.33 crores as per the CAG report which was presented in the Goa assembly on Tuesday.

The major component of the public debt is central loan which is around 56 per cent of the state’s public debt.

A related issue that is dogging every government in the last ten years is the fiscal deficit. Analysts say that public debt and fiscal deficit are two issues on the mind of the chief minister Manohar Parrikar who is to present the Goa budget for the financial year 2012-13.

CAG report says that the fiscal deficit has increased from 690.27 crores to Rs 707.28 crores till March 2011.

In the financial analysis of the state, the CAG has pointed out how the revenue receipts of the state through its own tax revenue have jumped almost five times over the last ten years. In 2001-2002, when Manohar Parrikar headed a coalition government, the state’s own tax revenue from sales tax, excise and other sources was 569.90 crores. This figure reached 2544.26 crore last year.

The excise revenue went up by three times from 46.13 crore in 2001-12 to 147 crore last year.

On the other hand, revenue expenditure too jumped from 1159.1 crore in 2001-02 to 5233.43 crores last year. The expenditure is more on social services which account for around 41% of the total allocation.

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