For three consecutive financial years, Telangana has ranked among the bottom five major states with lowest debt to GSDP ratio. At the end of 2021-22, the total outstanding debt of the State stood at Rs 2,83,452 crore.
In response to various questions from members of the Lok Sabha on Monday, union Minister of State for Finance Pankaj Chaudhary stated that for the financial years ending in March in 2020-21, 2021-22, and 2022-23, Telangana recorded the fifth lowest debt to GSDP ratio of 28.2, 27.4, and 28.2, respectively. During the corresponding years, Maharashtra recorded lowest debt to GSDP ratio with 20.2, 18.7 and 19 in the country for the respective financial years.
According to the Union Minister, the outstanding debt of Telangana has increased from Rs 83,698 crore after the State formation in 2014 to Rs 2,83,452 crore in 2021-22. He stated that the State government did not obtain any loans from public sector banks which however lent around Rs 1.5 lakh crore to different public sector companies and corporations during the period.
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BJP remains silent on rising debts in Gujarat
The BJP leaders waste no time in criticising Telangana’s debts and propagating Gujarat’s so-called growth and development model across multiple platforms. The fact remains that Gujarat is troubled by mounting debts.
When the BJP came to power in Gujarat in 1995, the public debt was about Rs.10,000 crore. When Narendra Modi became the Chief Minister in 2001-02, the debts had reportedly increased to nearly Rs.45,301 crore.
By the time his tenure was ended in 2014, the total debt had escalated to Rs.2.21 lakh crore, as per Comptroller Auditor General of India (CAG) reports. Eventually, in 2021-22, these debts skyrocketed to a whopping Rs 3.2 lakh crore.
Surprisingly, the state’s debt is expected to escalate further upto Rs 4.5 lakh crore by the end of 2024-25. The CAG in estimates, reportedly tabled in the Gujarat Assembly, had even stated that the State would have to pay Rs.1.87 lakh crore by 2028.
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