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Telangana government borrowing limit reduced to Rs 40,615 cr
Telangana government
To maintain fiscal discipline, govt decides to reduce public debt outstanding to 23.8% in GSDP in new financial year, as against 24.3% in 2022-2023
Hyderabad: Troubled by the economic sanctions imposed by the Centre on borrowings, the State government reduced the borrowing limit and relied on SOTR (State-Owned Tax Revenue) in the new financial year. The government has targeted to increase revenues through commercial taxes, VAT, liquor sales, stamps and registrations and transport sectors. The borrowing limit was reduced to Rs 40,615 crore, as against Rs 54,000 crore in the current financial year.
To maintain fiscal discipline, the government has decided to reduce the public debt outstanding to 23.8 per cent in the GSDP in the new financial year, as against 24.3 per cent in 2022-2023.
Finance minister T Harish Rao said in the financial statement that the total revenue receipts will be Rs 2.16 lakh crore. The total SOTR will be Rs 1.31 lakh crore. It was projected at Rs 1.10 lakh crore in the revised Budget in the current financial year. The increase of Rs 20,000 crore SOTR will be mobilised through various measures. The target to generate revenues from property registrations is Rs 18,680 crore, Excise revenue from liquor sales (Rs 19,884 crore), VAT and taxes on sale and trade (Rs 39, 500 crore) and Rs 7,500 crore from transportation, including taxes on vehicles.
Officials said in the current financial year, the government targeted to mobilise Rs 54,000 crore as open market loans. Due to sanctions imposed by the Centre, the State could not mobilise not more than Rs 37,000 crore through borrowings. Now, the government reduced the borrowing limit to 40,615 crore only and utilised the 3 per cent FRMB limit.
In view of increasing the debt burden, officials of the State finance wing said loans from autonomous bodies will be reduced to Rs 12,000 crore as against Rs 13,700 crore in the current financial year. The mobilisation of funds through special securities will remain the same, of Rs 19,00 crore. The loans from the Central government will be Rs 14,600 crore, as against Rs 10,900 crore in the debt management in the new financial year.
