The aggregated amount of overdraft availed by the state stood at Rs4722.80 crore during the year, according to a press note released by the Accountants General office here.
The fiscal crisis in the state is precipitated by spiralling debt burden, which has jumped to Rs 20661.73 crore by March end, 2003. Of this, internal debt was Rs 11109 crore while the loans and advances from the Central government was Rs 9552.70 crore
The interest pay out stood at Rs 2885.58 crore accounting for 29 per cent of the total revenue expenditure of the state. This left little resources for carrying on developmental works.
In fact, expenditure on social services was only 34.55 per cent of revenue expenditure of the state where over 40 per cent of the people live below poverty line.
The fiscal deficit representing the excess of total expenditure (plan and non-plan) over the receipts (revenue receipt, capital receipt and recoveries of loan and advances) stood at Rs 2816 crore in 2002-03.
However, there is some improvement on revenue deficit front with the figure being assessed at Rs 1576 crore in last fiscal compared to Rs 2834 crore in the previous one.
The reduction revenue deficit is attributed to increase in grants-in-aid by Rs 559.54 crore and enhancement of tax and non-tax revenue to the tune of Rs 562 crore and Rs 269.42 crore respectively.
Hence, despite an increase in revenue expenditure of 133 crore in last fiscal, the overall revenue deficit has come down, the release said.
