The Assam government has borrowed a whopping Rs 24,118 crore in the 2023-24 financial year, announced state Finance Minister Ajanta Neog in the state assembly on Tuesday. This significant loan amount is a testament to the state’s efforts to fuel economic growth and development.
According to Neog, the state’s borrowing has increased steadily over the years, with the loan amount rising from Rs 5,649 crore in 2016-17 to Rs 10,476 crore in 2017-18, Rs 14,004 crore in 2018-19, and so on. The 2022-23 financial year saw a loan amount of Rs 21,602 crore. Neog attributed these loans to various sources, including financial organizations under the National Bank for Agriculture and Rural Development (NABARD).
Despite the significant borrowing, the state has made efforts to repay its loans. Neog stated that the government has repaid a total of Rs 6,924 crore (provisional) in 2023-24, following a similar trend of repayment in previous financial years. For instance, in 2022-23, the state repaid Rs 4,863 crore, while in 2021-22, it repaid Rs 5,177 crore.
Interestingly, Assam has been able to maintain a debt-to-gross state domestic product (GSDP) ratio of 24% in 2023-24, well below the 32% upper limit set by the Assam Fiscal Responsibility and Budget Management Act. This suggests that the state has been effectively managing its debt and maintaining a healthy financial balance.
Neog’s statement comes in the wake of similar announcements by other state governments, highlighting the increasing trend of states taking on debt to fund their development projects. Despite this trend, Assam’s efforts to maintain a manageable debt-to-GSDP ratio is a reassuring sign for the state’s financial stability.
Original Source: https://www.indiatodayne.in/assam/story/over-rs-24000-crore-loan-availed-by-assam-govt-in-fy-2023-24-minister-1179273-2025-03-05?utm_source=rssfeed
Category :
Tags:
Publish Date: 2025-03-05 08:09:00
