Govt obtains Rs 42,283 cr loan from GoI, other agencies: Minister

Excelsior Correspondent
JAMMU, Feb 12: The State Government has obtained loans worth 42,283.57 crore as on March 31 last year from Central Government and other agencies.
This was stated in a written reply by Minister incharge Finance to a question of Ch Zulifkar in State Assembly today.
The Minister said that Rs 1838 crore loans were obtained from Government of India while Rs 15510.41 crore were sought from open market.
He said special securities issued to NSSF were Rs 3440.19 crore, while loans from LIC for housing were Rs 1551.76 crore, loans from NCDC, GIC and other institutions were 2293.83 crore.
The Minister said loan sought from State Provident Fund were Rs 9954 crore while Rs 453.82 crore was sought as loan from Insurance, Pension Fund Trust And Endownments, Rs 1604.67 crore from Reserve Funds, Rs 3591.00 crore was sought from other deposits while Rs 470.99 crore loan was sought for major works and contracts.
Loans of Rs 1489.26 crore and Rs 84.61 crore were sought for committed laibilties in respect of land acquisition charges and settlement of claims in respect of unpaid bills on works and supplies, the Minister said.
The Minister said that the Government has fixed a target of 3.6 percent for year 2013-14 and 3 percent for 2014-15. While the target fixed by it for 2012-13 was 4.2 percent while for 2011-12 it was 4.7 percent and 2010-11 it was 5.3 percent.
The achievement during 2010-11 was 4.15 while it was 4.29 and 3.91 in 2011-12 and 2012-13 respectively.
The outstanding debt target was fixed at 56.1 for 2010-11, 55.1 for 2011-12, 53.6 for 2012-13, 51.6 for 2013-14 and 49.3 for 2014-15.
He said while the achievement for 2010-11 was 52.60 for 2011-12 it was 51.84 and 2012-13 it was 49.67 percent respectively.
He said fiscal achievements calculated on the basis of GSDP of Rs 56976 crore for 2010-11. The fiscal achievement was calculated on the basis of GSDP of  Rs 65979 crore for 2011-12, he added.
He said the fiscal achievements calculated on the basis of GSDP was Rs 76115 crore for 2012-13.
The Minister said an amount of Rs 5833 crore was collected during 2012-13 as Tax revenue and Rs 2116 crore as non tax revenue.
Besides, an amount of Rs 3871 crore has been received as share of Central Taxes like Income Tax, Corporation Tax etc. The revenue collected is insufficient even to meet the cost of salaries of employees, he added.
The Minister said the expenditure on salaries during 2012-13 was Rs 10,578.00 crore, while expenditure on pension, power purchase, interest payment and plan capital was Rs 3463.00 crore, 3870, Rs 2723 crore, Rs 4760.00 crore respectively.
The Minister said the Government has taken various austerity measures. But the bulk of the expenditure is on salaries, pension, power purchase etc which can’t brook any cut.
Among the various austerity measures the Government has cut the salaries and pension under new recruitment policy and new pension scheme. Besides, a slew of reforms have also been taken in the power sector to decrease gap between power revenue and power expenditure and closing overdraft arrangements with the J&K Bank to cut down the interest costs.

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