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| Overdraft from JK Bank touches Rs 2,290 cr | | | EARLY TIMES REPORT
JAMMU, Apr 14: Abdul Rahim Rather was always critical of the increasing dependence of the state finances on overdraft raised from the J&K Bank Ltd when Mufti was chief minister.
It was a different situation that time as he was in opposition, but now he himself heads the finance ministry in the NC-led coalition government.
But the overdraft did not come down during his tenure as finance minister, it touched an all time high of Rs 2,290 cr, according to the economic survey report (ESR) released by the government in the recent past.
The ESR said the overdraft limit which stood at 944 cr in 1997-98 had risen to the level of 2290.25 cr in 2008-09.
The overdraft percentage in terms of total expenditure has, however, gradually come down over the last few years.
The overdraft limit at the outset of the 2002-03 when Mufti was in power stood at 1,241.29 cr, ie 14.43 per cent of total expenditure.
The overdraft touched the highest ever level of 18.37 per cent in 1997-98 when Farooq Abdullah was chief minister. During his regime, he was grappled with the issue of poor finances and by the time he completed his term, he was able to bring down the overdraft level to 15.44 per cent of the total expenditure.
It rose to the level of 1979.64 cr in 2005-06, ie the second highest level of 17 per cent of the total expenditure when Mufti was chief minister.
Its down journey started in 2006-07 during the tenure of Ghulam Nabi Azad who was lucky enough to receive liberal central funding.
The over draft limit in terms of percentage of total expenditure further came down to 12.89 per cent in 2007-2008 during Azad's time.
At present the overdraft level has recorded another jump and is hovering around 13.43 percent of the total expenditure.
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