Odisha’s debt estimated to climb Rs 1.12 lakh crore in FY 2022-23

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Odisha’s debt estimated to climb Rs 1.12 lakh crore in FY 2022-23

July 03

23:55 2022

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by indadmin

By Sukanta Kumar Mohanty

Bhubaneswar, July 3: The total outstanding public debt of Odisha is estimated to climb to Rs 1,12401 crore in the financial year 2022-23 which is 15.6 per cent of the State’s Gross Domestic Product (GSDP), as per the budget documents presented in the State Assembly on Saturday.

State finance minister Niranjan Pujari has on Saturday evening presented the annual budget of Rs 2 lakh crore for the year 2022-23.

The government released the status paper on public debt in the state and said, “The total outstanding public debt of the state as per the revised estimate for FY 2021-22 stands at Rs 1,00,813 crore which is 15.8 per cent of the State’s Gross Domestic Product (GSDP). The Fifteenth Finance Commission and Odisha Fiscal Responsibility and Budget Management (FRBM) Act, 2005 prescribe for limiting the debt to GSDP ratio within 25 per cent. The current debt level of Odisha is within the stipulated debt limit.”

“The Fifteenth Finance Commission and Odisha FRBM Act, 2005 prescribe for limiting the debt to GSDP ratio within 25 per cent. The current debt level of Odisha is within the stipulated debt limit,” the status paper revealed.

The government said the future debt outlook of the state looks to be within the sustainable level.

“In the medium term, the total debt to GSDP ratio of the state is projected to reach a level of 18.1 per cent in the financial year 2025-26, which will be within the stipulated limit of 25 per cent. For FY 2022-23, it is estimated that the total debt stock will be Rs 1,12,401 crore which is 15.6 per cent of GSDP,” the government said.

“The fiscal deficit stands at 0.4 per cent of GSDP and the interest payment to revenue receipts (IPRR) stands at 4.3 per cent for the financial year 2021-22, well within the limit of 25 per cent set by the FRBM Act. As per the budget estimate for FY 2022-23, fiscal deficit and IPRR are estimated to be 3.0 per cent and 5.2 per cent respectively,” the government statement added.