Vote-on-account: Gujarat govt to raise Rs 42,000 cr public debt next year

The Gujarat government has estimated its public debt for financial year 2019-20 at Rs 42,000 crore. The same remained at Rs 43,501 crore according to the revised estimates of financial year 2018-19. As per the government's estimate presented in the budget of 2018-19, the revised estimate of public debt in 2017-18 had remained at Rs 2.17 lakh crore.

Looking at the total revenue expenditure, the budget expenditure for 2019-20 will remain at Rs 1,45,022 crore as against Rs 1,39,153 crore shown in the revised estimates of the previous financial year. The capital expenditure showed decrease in the FY 2019-20 to Rs 45,107.91 crore against Rs 48,956.49 crore in previous year. This shows that the government's expenditure on creating new resources has been declining and it seems like an exercise to control the deficit.

Public debt in 2018-19 will be 16.16 per cent of gross state domestic product (GSDP) while the government has kept a target of bringing it down to 15.76 per cent of the GSDP.

The revenue income estimated for 2019-20 is Rs 1,54,885 crore against Rs 1,40,531 crore in 2018-19. As per the classification given by the state government, the share of central taxes in revenue income would be Rs 26,047 crore against Rs 23,489 crore in revised estimate of previous year. The government estimated revenue receipts of Rs 1,00,124 crore rising from Rs 89,900 crore showed in revised estimate of the year 2018-19. The government has estimated the income through GST in the year 2019-20 to remain at Rs 48,735 crore while through VAT it is expected to remain Rs 24,840 crore.

Finance minister and deputy CM Nitin Patel said in his Budget speech, "In the last five years (2013-2017), Gujarat's average annual economic growth rate has been 9.9 per cent at constant (2011-12) prices, highest amongst the major states. The state economy registered a growth of 11.2 per cent during 2017-18."

As per the revised budget estimate for 2018-19, fiscal deficit stands at 2.31 per cent of GSDP, while it is estimated to be 1.08 per cent for 2019-20.

The state's GSDP was Rs 13.15 lakh crore during 2017-18, a 14% growth compared to the previous year, Patel said in the budget speech.

"Gujarat, with 5 per cent population, has 7.8 per cent share in the GDP of the country. During 2017-18, the per capita income of the state at current prices was Rs 1,74,652, which is 12.6 per cent more than the previous year," he said.

"The per capita income of the state is 54.8 per cent higher compared to per capita income of the country," he added.

NUMBERS’ GAME

• As per the revised budget estimate for 2018-19, fiscal deficit stands at 2.31 per cent of gross state domestic product, while it is estimated to be 1.08 per cent for 2019-20 
   
• The state’s GSDP was Rs 13.15 lakh crore during 2017-18, a 14% growth compared to the previous year, Deputy Chief Minister Nitin Patel said in the budget speech