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State Debt On Rise

Odisha's Debt Burden was Rs 66,656.56 crore in October, 2017 and is estimated to touch Rs.76,744.12 crore by the end of 2017-18 fiscal, 


Minister Finance,  Sashi Bhusan Behera told the Odisha Legislative Assembly today.
 
Mr.Behera said this while replying to a question said the loan is being incurred for Capital Expenditure on infrastructural projects.
 
In fact, infrastructure sector has received boost after funding have been hiked under Capital Expenditure.

The Finance Minister said the State's loan burden was Rs 38,666.24 crore, Rs 37,730.04 crore and Rs 27,801 crore in 2014, 2010 and 2003 respectively.
 
Mr.Behera said while the State Government has incurred loan of Rs 20,059.45 crore from provident fund, it got credit of Rs 46,597.11 crore from other sources like the Government of India, National Small Savings Fund, Open Market, NABARD, LIC, GIC, National Cooperative Development Corporation and Rural Electrification Corporation.

Official sources said the State Government has taken loan worth Rs 5,500 crore from Open Market during the 2017-18.
 
State Government is resorting to Market Borrowing after NDA Government came to power as funds flow from Centre have gone down during last three and half years.  

"The debt burden of the State is around 16 per cent of the gross state domestic product. It is well below the permissible limit of 25 per cent," Principal Secretary Finance, Tuhin Kanta  Pandey said.
 


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