PANJIM: The Reserve Bank of India (RBI) has pegged the State public debt at Rs 13,900 crore with every person burdened with debt of Rs 93,000, Congress claimed on Monday. Assuring to release a white paper on the State’s financial position, the opposition accused the BJP-led government of producing a mismatch of figures before the public through the State Budget.
Addressing the media, Congress president Luizinho Faleiro, quoting RBI figures said that the fiscal deficit of the State as on March 31, 2015 stands at Rs 1,840 crore, as against the government figures of Rs 1,610 crore.
The former Chief Minister said that RBI has estimated the public debt at Rs 13,900 crore, with a whopping rise of 32 percent in the social sector. “The debt burden of the State rises almost 12 to 14 percent annually as per the RBI report,” he said adding “the State is marching towards economic slowdown”.
As per RBI figures, the debt which was Rs 8400 crore in 2010-11, touched Rs 9900 crore in 2012-13 and Rs 11,200 crore in 2013-14. In 2014-15 it is estimated at Rs 13,000 crore. “This means Goans have a debt burden of Rs 93,000 per head,” Faleiro said pointing that on the contrary, the State Budget shows public debt of just Rs 9500 crore, a difference of whopping Rs 4,400 crore as compared to RBI figures.
“The State is reeling under a debt trap due to its reckless spending on social schemes and junkets,” the Congress leader alleged.
Faleiro said the State spends nearly Rs 465 crore on salaries, pension, social schemes and interest on borrowings. He stated that in the last three years, the State growth rate, which was at 15 percent post 2012, now stands at negative two percent. While the industrial growth is down by 19 percent, the growth in agricultural is also negative.
The Congress leader said that the RBI report shows a fiscal deficit of Rs 2140 crore in 2013-14, while the State Budget shows just Rs 1357 crore. The estimates fiscal deficit touches Rs 1840 crore as against State figures of Rs 1610 crore.
“The annual social expenditure of the State has crossed Rs 3900 crore up to 2014, and it has witnessed an annual rise of 10 to 12 percent. To get its public debt figures low, the budget deficit too is hidden from the fiscal deficit to show its budget within the parameters of Fiscal Responsibility and Budget Management norms,” Faleiro said.
Stating that the figures clearly indicate that the government is taking Goa towards economic disaster, Faleiro said he will ask his legislative wing to take up the issue and a detailed discussion during the monsoon session of the State Legislative assembly which will have a debate on the budget.
