JAMMU: Jammu and Kashmir’s total debt rose to Rs 55,358 crore at the end of 2015-16 which was a little over 60 per cent of its GDP and close to 5 times of its tax and non-tax revenue, a CAG report has said.
The rise in debt shows increasing trend of dependence of the Government on high interest rate market loans to fund its expenditure, the Comptroller and Auditor General of India (CAG) said in the report.
“The overall fiscal liabilities of J&K State has increased from Rs 48,314 crore at the end of March 31, 2015 to Rs 55,358 crore at the end of March 31, 2016”, the report for the year ended March 2016 said. (AGENCIES)
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