Every resident of Uttar Pradesh has a debt of Rs 13,949 on his or her head as the debt burden of the state government is expected to reach Rs 293200.43 crores by the next fiscal. The personnel debt of each citizen was around Rs 12,655 in the 2014-15 when the total debt on the state was around Rs 265770.78 crores. Thus within a year, each citizen's debt rose by Rs 1294.
The debt on each persons of UP was Rs 11,225 in 2013-14 when the state's debt was Rs 23,6795.29 crores. With a population of 210 million, the state's debt burden, has however, came down to 27.5 per cent of the Gross State Domestic product (GSDP) in 2015-16 which was 27.8 per cent in 2014-15.
Chief Minister Akhilesh Yadav expressed concern over the debt but assured that it was under control since the Samajwadi Party government came to power in 2012. State Principal Secretary Finance Rahul Bhatnagar claimed that every government takes loan and there is nothing new in it. “But UP's debt is under control and decreasing year by year," he said.
The detail of the state debt was disclosed in the state budget, for 2015-16, which was tabled in the state assembly last week. Of the total expected loans of the UP government during the coming fiscal, the highest would be from the market borrowing of Rs 124852.85 which is 11.7 per cent of the total loans. UP government is also expecting a loan of Rs 13754.65 crores from the Centre, Rs 13681.82 from financial institutions and Rs 5270.13 from power bonds.
According to the budget statistics, the total revenue of Rs 249880.23 crores to be generated by the state during 2015-16, with the highest of 31.40 per cent coming from the state taxes, 29.6 per cent of the share from Central taxes and 16.9 per cent from the Central assistances. The government will also collect 12.5 per cent of the revenue from public loans.
With a total expenditure of Rs 302687.23 crores, the highest 37.6 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 7.2 per cent of the funds to pay the interest on the loans, 3.8 per cent to pay back the loans while 21.6 per cent will be spent on capital expenditure.