Maharashtra’s debt likely to be Rs 4,13,044 crore in 2017-18: Survey

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MUMBAI: The total debt of Maharashtra government is expected to be Rs 4,13,044 crore in 2017-18, the Economic Survey tabled in the state Legislature today said.

The survey said the debt stock is 16.6 per cent of the gross state domestic product (GSDP), which is well within the limit of 22.2 per cent laid down by the 14th Finance Commission.

The average cost of borrowing is expected to be 8.4 per cent in 2017-18, the report said.

As per the budget estimates, interest payment on debt stock of Rs 4.13 lakh crore is Rs 31,027 crore. The total state GST receipts were Rs 30,138 crore up to December 2017, the survey said.

As per the 2017-18 budgetary estimates, revenue receipts are expected to be Rs 2,43,738 crore, of which tax revenue is Rs 1,90,842 crore.

The expected share of taxes levied by the state is 78.3 per cent in total revenue receipts in 2017-18.

The tax revenue is expected to increase by 11.6 per cent during 2017-18 over the previous year, the survey said.

Source: Press Trust of India