Gandhinagar, 2 April 2013

India’s Comptroller and Auditor General (CAG) has admired Gujarat’s financial management and achievements of public sector units. CAG has pointed out that state’s revenue has increased 102% in 2011-12, compared to 2007-08.The state has increased its tax revenue by 22% compared to previous year. The state has completed its targets as per recommended by 13th finance commission. Against the target of maintaining 3% deficit of GSDP, the state has maintained it at 1.87%.

CAG report points out that development expenditure which was 65.90% in 2007-08 reached 69.92% mark in 2011-12.

State’s guarantee liability was Rs 5428 crore in 2010-11 which has lowered down to Rs 3376 crore.

Some of the highlights of CAG report are following:

-Revenue growth of 20% compared to previous year. Revenue is continuously increasing since year 2007. Between 2007 and 2011, total rise was 102%.

-State has added its share in revenue by 22% compared to previous year which is 13% more than actual estimate.

-Sales tax revenue is up by 25% and Stamp duty and registration revenue is up by 27% compared to previous year.

-In total revenue, tax income share was 61.32% in 2007, which was 70.29% in 2011.

-Total revenue expenditure was up by 4% compare to previous year. Social expenditure was up by 4%.

-Capital expenditure in 2011 was 42.63% up compared to previous year. The areas of growth were major irrigation, education, urban development, medium irrigation, roads and bridges.

-Development expenditure percentage in 2007 was 65.90% which was 69.92% in 2011. Capital expenditure share of that was 16.55% in 2007, and 17.87% in 2011.

-Rs 3215 crore revenue surplus achieved.

PSUs

-On 31st March 2011, total 1.12 lakh employees were working in 66 public sector units in Gujarat.

-Annual turnover of PSUs was Rs 79,642 crore in 2011 which was 13.47% of year 2011 GSDP.

-45 PSUs made profit in year 2011.

-There’s improvement in working of PSUs during 2006-2011. Rs 1826 profit in 2006 went up to Rs 3929 crore in 2011.

-98.93% investment for PSUs in 2011 was for active PSUs.

-Guarantee liability was Rs 5428 crore in 2010. It came down to Rs 3376 crore in 2011-12.

-Power sector PSU GETCO achieved 97.5% and 79.74% targets for setting up EST sub stations and transmission lines.

-GETCO witnessed 702% increase in profit during 2007-2011.

More highlights:

-Out of total 66 active PSUs, 41 PSUs earned profit while 10 units witnessed loss of Rs 397.84 rore.

-GSPL earned highest profit of Rs 941.71 crore while GSPL 769.02 crore and GMDC Rs 717.72 crore.

-GSFC made loss of Rs 208.68 crore while GSRTC made loss of Rs 159.74 crore.

-Rs 166.77 crore investment failed in three years.