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| Experts favour centre to waive off loan component to J&K | | | EARLY TIMES REPORT
Jammu,Oct 7 (KIP):-Since the quantum of central loan and other internal debts continue to increase Jammu and Kashmir state has been spending 14 per cent of its revenue resources on payment of interest on the loans annually.
Official sources said that because of mounting loan amount the state has not been able to tackle financial stringency despite major hike in the central financial assistance for the state's plan and non-plan programmes.
It is in this context that experts has suggested to the Government of India to waive off the entire central Government loan which could help the state to register improvement in its fiscal health.
They said that if the Congress led UPA Government okayed loan waiving it would not be for the first time.In 1998 he central Government headed by Atal Behari Vajpayee had waived off Rs.1750 crore loan componnt which helped the Jammu and Kashmir Government in the sense that it had not to spend R s.400 croes on debt servicing annually.
Pointing to the grim fiscal position while seeking loan waiver offficial sources referred to the situation in which the stat Government as getting buried under heavy debt. The sources depicted a miserable financial position, Jammu and Kashmir has an outstanding debt of Rs 28, 724 crore at the end of 2009-10 which include an internal debt of Rs 15,449 crore.
As per the latest reports liabilities of the state have gone up by Rs 4449 crore and touched Rs 28,724 crore during last fiscal against Rs 24,275 crore in the year 2008-09.
Figures reveal that Public Debt, including internal debt of the state government and loans and advances from the central government increased by Rs 2122 crore taking it to Rs 18,593 crore by the end of 2009-10 from Rs 16,471 crore in 2008-09.
Sources said that, interest payment on debt and other liabilities, totaling Rs 2139 crore forms 14 per cent of the Revenue expenditure of Rs 15, 324 crore.
They said that interest payments on public debt touched Rs 1667 crore (internal debt Rs 1584 crore and loans and advances from central Government Rs 83 crore) and Rs 472 crore on other liabilities. Expenditure on account of interest payments increased by Rs 561 crore during 2009-10.
They said this calls for a review of the state's fiscal scenario by the central Government so that some initiative was taken for freeing Jammu an Kashmir of the burden of paying huge sums of money on servicing the central debts
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