Public debt increase at higher pace than GSDP
The Hindu
Govt. extended guarantees to bodies that had not finalised their accounts: CAG
The Comptroller and Auditor General (CAG) of India has noted that the outstanding public debt of Telangana to the tune of ₹ 1.65 lakh crore increased by 16% in 2018-19 over the preceding year at a slightly higher pace than growth of Gross State Domestic Product (GSDP). Interest payments increasingly consumed revenue receipts and were much higher at 12.41 per cent against the target of 8.37% fixed by XIV Finance Commission. The CAG report for 2018-19 was tabled in the Assembly on Friday. It said the revenue surplus was overstated by the State government in its budget reports by ₹9,481.97 crore and fiscal deficit by ₹ 217.86 crore on account of misclassifications and non-contribution to statutory funds. Effectively, there was a revenue deficit of ₹ 5,144.97 crore and fiscal deficit of ₹ 27,166.86 crore.
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