The Reserve Bank of India recently revealed that the collective state debt as a percentage of GDP is expected to decrease in the coming years but with the general election approaching, there are concerns that this may escalate out of control. Gujarat is experiencing rising public debt, with the figure jumping to Rs 3.40 lakh crore in March, up from Rs 3.20 lakh crore in the previous year. This rising debt, coupled with declining revenues, has raised questions among opposition leaders and local experts. The Comptroller and Auditor General has also cautioned Gujarat against its increasing public debt, highlighting the risk of a potential debt trap. The estimated fiscal deficit for 2022-23 remains within the government’s approved limit of 4% of GSDP, but there is a pressing need to address these issues to safeguard the state’s economic future.
Gujarat warned of potential debt trap by CAG
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