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Odisha’s debt burden to touch Rs 88,000 crore by end of current fiscal

BHUBANESWAR: The state’s debt burden is expected to touch a brand new prime; it's estimated to be round Rs 87,650 crore through the top of the current fiscal (March 31, 2018). This is 18 per cent of the gross state domestic product (GSDP).

Similarly, the debt stock through the top of the 2019-20 monetary yr was anticipated to be round 1.03 lakh crore, mentioned finance division sources.

This was knowledgeable through the state finance secretary Ashok Meena all the way through a press convention right here on Thursday, after finance minister Shashi Bhusan Behera offered the vote-on-account for the primary 4 months of the 2019-20 fiscal.

The state govt borrows from national and international monetary companies to invest on infrastructure building and asset advent.

Sources within the state finance division mentioned Odisha’s debt burden through December 2018 was estimated to be Rs 79,789 crore, which quantities to 16.four per cent of the GSDP.

“The debt burden will have to be stored within 25 per cent of the GSDP. Our debt burden has now not even touched 20 per cent of the GSDP. We have also performed neatly on hobby payment. So, Odisha has proven good fiscal parameters,” mentioned Meena.

The state’s GSDP through the top of 2018-19 is estimated to be round Rs four.86 lakh crore. This might building up to Rs five.40 lakh crore through the top of the 2019-20 monetary yr.

The GSDP is outlined as a measure, in monetary phrases, of the volume of all goods and services produced throughout the barriers of the state all the way through a yr.

The debt pressure of the state have been brought down to 17.eight per cent of GSDP in 2017-18 from the level of 50.7 per cent of the GSDP in 2002-03, mentioned sources in finance division.

To meet the price range expenditure, the state govt has aimed to move for open market borrowing of Rs 14,650 crore, Rs four,750 crore from companies like Nabard and Rs 1400 crore shape externally aided initiatives all the way through the 2019-20 fiscal.

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