Every resident of Uttar Pradesh carries a debt of Rs 12,661 on his or her head as the debt burden of the state government is expected to reach Rs 265901.93 crores by the end of this fiscal.
The personnel debt of each citizen which was around Rs 11,225 in 2013-14 when the state's debt was Rs 23,6795.29 crores has now added over Rs 1400 within just one year.With a population of 210 million, the state's debt burden, has however, came down to 27.7 per cent of the Gross State Domestic product(GSDP) in 2013-14 which was 29.5 per cent in 2012-13.
Chief Minister Akhilesh Yadav have shown concern over the debt but assured that it was under control. “We are making all efforts to bring to bring the debt at the manageable level,” he said.The details of the state debt was disclosed in the state budget details for 2014-15, which was tabled in the state assembly on Friday.
Of the total expected loans of the UP government during the current fiscal, the highest was from the market borrowing of Rs 106156.3 which is 11.1 per cent of the total loans. UP government is also expecting a loan of Rs 14756.31 crores from the Centre, Rs 8050.13 from financial institutions and Rs 5857.32 from bonds.
According to the budget statistics, the total revenue of Rs 270572.67 crores to be generated by the state during 2014-15, with the highest of 30.50 per cent coming from the state taxes, 28.9 per cent of the share from Central taxes and 18.4 per cent from the Central assistances.The government will also collect 12.7 per cent of the revenue from public loans. With a total expenditure of Rs 274704.59 crore, the highest 36.9 per cent is spent for payment of wages and allowances to the government employees and aided educational institutions and pension.
The state will also spend 7.1 per cent of the funds to pay the interest on the loans, 3.5 per cent to pay back the loans while 21.2 per cent will be spent on capital expenditure.