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| J&K crumbles under debts worth Rs 42283.57 crore | | Beyond Rather's 'zero deficit' Budget | | Kunal Shrivatsa
SRINAGAR, Feb 20: Though the Government over stretched itself to cover up its financial mis-management through jugglery of figures while presenting the Budget-2014 a few days back in the State Legislature, the balance sheet of pending liabilities of J&K on various accounts has presented a gloomy state of State's economy, contrary to the rosy picture painted by the Finance Minister Abdul Rahim Rather.
The liabilities of J&K are on the constant rise with each passing year which completely negates the Government's claims that finances of the state are in good shape.
In reply to a question tabled by MLA Prof Chaman Lal Gupta in the State Legislative Assembly here today, the Government said that the state owes liabilities on various accounts to the tune of a whopping amount of Rs 42283.57 crore till ending March 2013.
The Government reply revealed that since 2008 upto 31st March 2013, the liabilities of the state are swelling up with each passing year as the figures provided in the reply show that if the outstanding liabilities of the state in 2008 were Rs 21366.01 crore, it rose to Rs 24796.32 in 2009 while the state's liabilities jumped to Rs 31009.82 in 2010.
The situation aggravated further in the years 2011 and 2012 as the amount of outstanding kept on rising at Rs 33101.92 crore and Rs 37706.38 crore respectively.
The details of the current liabilities (March 31, 2013) on various accounts divulged that the financial management of J&K is in complete disarray and the scenario is grim despite Government's claims that the economy of the state is fine.
While the state has an outstanding of Rs 1838.99 crore against loans extended by Government of India, its liabilities against Open Market Loans is a huge sum of Rs 15510.41 crore.
The outstanding with regard to Special Securities issued to NSSF stood at Rs 3440.19 crore while the pending liabilities for the loans from LIC (for Housing) remained at Rs 1551.76 crore.
The liabilities with respect to loans from NCDC and GIC/other institutions were Rs 2293.83 crore where as the outstanding against State Provident Funds was Rs 9954.04 crore.
The state has an outstanding of Rs 453.82 crore under Insurance, Pension Fund Trust and Endowments while the liabilities for Reserve Funds went up to Rs 1604.67 crore.
The position of liabilities under the account 'Other Deposits' is no better as it stood at Rs 3591 crore while the outstanding under Major Works and Contracts was Rs 470.99 crore.
The Committed Liabilities in respect of land acquisition charges was Rs 1489.26 crore where as the claims in respect of unpaid bills on works and supplies were Rs 84.61 crore. |
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