Mumbai: Maharashtra’s current debt stock has surpassed a whooping Rs 7 lakh crore. According to the Economic Survey of Maharashtra 2023-24, the debt stock currently stands at Rs 7,11,278 crore (revised estimates), while the interest due was Rs 48,578 crore.
Although in 2023-24 (RE), debt stock of the state increased by 16.5 per cent over the previous year, its percentage with the GSDP (17.6 per cent) is well within the prescribed limit (25.0 per cent of GSDP) as per the Medium Term Fiscal Policy, Fiscal Policy Strategy Statement And Disclosures For Maharashtra 2023-24.
The Economic Survey was tabled in both the Houses of the Maharashtra legislature on the opening day of the monsoon session, which commenced on Thursday.
The state budget for 2024-25 would be tabled on Friday.
The debt was Rs 4,51,117 crore in 2018-19, Rs 5,19,086 in 2019-20, Rs 5,76,868 in 2021-22 and Rs 6,29,235 in 2022-23.
The revenue receipts of the state are expected to be Rs 4,86,116 crore for 2023-24 (revised estimates) as against Rs 4,05,678 crore for 2022-23. The tax and non-tax revenue (including central grants) for 2023-24 (revised estimates) are Rs 3,96,052 crore and Rs 90,064 crore respectively. Actual revenue receipts during 2023-24 upto February were Rs 3,73,924 crore (76.9 per cent of revised estimates).
The revenue expenditure of the State is Rs 5,05,647 crore as per 2023-24 (revised estimates) as against Rs 4,07,614 crore in 2022-23. Actual revenue expenditure during 2023-24 upto February was Rs 3,35,761 crore (66.4 per cent of revised estimates).
As on 31 March, 2023 aggregate bank deposits and gross credit of scheduled commercial banks in the State were Rs 39.23 lakh crore and Rs 38.67 lakh crore respectively.
Credit-Deposit Ratio of the State was 98.6 per cent as on 31 March, 2023.
As on 31 December, 2023, the State has the highest share in aggregate deposits (22 per cent) and gross credit (28 per cent) of scheduled commercial banks at all-India level.
As per the second advance estimates, during 2023-24 the Indian economy is expected to grow by 7.6 per cent and as per the advance estimates the State economy is also expected to grow by 7.6 per cent.