The excellent public debt of Telangana has risen by nearly 4 occasions because the formation of the state in June 2014 until the monetary 12 months 2021-22, the Union finance ministry knowledgeable the Parliament on Monday.
The state had an impressive public debt of ₹75,577 crore as on June 2, 2014 when Telangana was shaped because the AP Reorganisation Act got here into impact.
Within the first 12 months of its formation, the state had resorted to the general public borrowing of ₹8,121 crore from a number of sources, the ministry said.
Yearly, the state continued to borrow loans, leading to mounting public debt.
“Throughout 2021-22, the state went in for an enormous borrowing of ₹39,433 crore, taking the general excellent public debt to ₹2,83,452 crore,” Union minister of state for finance Pankaj Chaudhary stated in his written reply to Congress MP from Nalgonda, N Uttam Kumar Reddy in Lok Sabha.
In addition to these public borrowings, the state authorities had additionally stood assure for a number of state-owned public sector undertakings and companies which obtained loans to the tune of ₹1,50,365 crore from a number of public sector banks, Nationwide Financial institution for Agriculture and Rural Improvement (NABARD), central lending companies like Rural Electrification Company (REC), Energy Finance Company (PFC), Rural Infrastructure Improvement Company (RIDC), Warehouse Infrastructure Fund (WIF) and so forth, the Union minister stated.
A few of these borrowings by the state-owned companies and PSUs embody ₹1.30 lakh crore from 12 banks, ₹11,424 crore from NABARD, ₹8,871 crore from RIDC and ₹972 crore from WIF, the reply said. “This has taken the general debt of the Telangana authorities to ₹4,33,817 crore until October 22,” the Union minister stated.
He identified that like all different states, Telangana, too, had enacted Fiscal Duty and Funds Administration (FRBM) Act, in response to which, the state legislature has to observe money owed of state-owned entities.
Although the general public sector banks had not given any mortgage to the Telangana authorities straight until October 22, they’d given loans to the state-owned companies and PSUs, the Union minister added.