Each resident of Uttarakhand has loan of Rs 21,734 crore as per the census 2011 because the State Government has loan of Rs 21,987 crore, in which the State has borrowed around Rs 3,200 crore from all resources since 2012 and the remaining Rs 18,800 crore they got as heritage from their predecessors.
This was disclosed by the Cabinet Minister Indira Hridayesh while replying to question of MlA Madan Kashik, who had asked about financial condition of the State, during question hour on Tuesday.
In her reply, Hridayesh categorically said that State's financial condition is under control. To make sure the State's financial position remains in good shape, the State Government has taken several precautionary measures to control fiscal and revenue deficit of the State. MlA Kaushik asked how much loan State possesses in 2012 and 2014. Minister Hridayesh said that in financial year 2012-13 State’s loan amount was Rs 18,800 crore while it has touched Rs 21,987 crore in the current financial year. With this annou-ncement, the House turned noisy and the Opposition alleged that if the Government has adopted austerity measures, why loan amounts are running northward.
Caught on the wrong foot, Minister Hridayesh said that credit is directly proportional to the State's development. “As far as financial condition is concerned, then we have been strictly following Fiscal Responsibility and Budget Management (FRBM) Act. As per the norms 37 per cent of GDP is permissible for the State. Meanwhile, we have adopted several austerity measures like e-tendering, pension policy and sanctioning project as per the budget of the State only. Even the Government has not withdrawn money from RBI more than their limit.”