Team Herald
PORVORIM: Goa’s public debt is likely to stand at Rs 21,940 crore by March 31, this year, according to the Economic Survey 2022-2023 tabled by the government in the House on Tuesday.
The market loans form a major part of the public debt which accounts for almost 93 percent while another 6 per cent is contributed in the form of loans from NABARD.
Public debt is the total amount of money that is owned to the public by the government to meet the development funds. The State debt consists of central loans, market loans, loans from LIC, NABARD and others.
“The State debt as on March 31, 2023 is estimated to be Rs 21,940.46 crore as against Rs 20,824.86 crore in 2021-22,” the ES said.
The outstanding public debt of the State is estimated to be 24 per cent of the Gross State domestic product (GSDP), it said.
In 2022-23, the State is estimated to observe a revenue surplus of Rs 4,34.30 crore. The fiscal deficit is estimated to be Rs 3,603.10 crore and the primary surplus is estimated to be Rs 1,614.80 crore.
The estimated revenue expenditure during the year 2022-23 is Rs 15,015.80 crore which has reported a decrease of 3.98 per cent over the previous year 2021-22. The revenue expenditure includes disbursement for general, social and economic services.
On the other hand, the capital expenditure has witnessed a growth of 39.76 per cent with capital receipts estimated at Rs 4924.16 crore in 2022-23 as against Rs 3,523.30 crore in 2021-22.
Further, during the ongoing financial year, the State is estimated to earn an amount of Rs 3,226.05 crore in form of State’s own non-tax revenue, reporting an increase of 0.58 percent. Also, the State’s own tax revenue will go up by 9.09 per cent this year as the State is expected to generate Rs 6,241.16 crore in revenue.
A major share of State’s own tax revenue comes from SGST (44.58%) followed by sales, trade (27.73%), stamp and registration fees (9.76%), State excise (10.07%) and taxes on vehicles (5.94%).
Also, the resource flow from the Centre is estimated to be Rs 3,174.48 crore this year.
