Gujarat ranks 7th in outstanding liabilities among Indian states

July 24, 2024
Gujarat ranks 7th in outstanding liabilities among Indian states

Delhi: Gujarat ranks 7th among Indian states in terms of total outstanding liabilities, which have reached ₹4,67,464.40 crore as of 2024. Gujarat has seen a consistent rise in its fiscal liabilities over recent years. In March 2022, the state’s liabilities were ₹3,88,582.80 crore. This increased to ₹4,21,018.20 crore by March 2023 and is projected to reach ₹4,67,464.40 crore by March 2024. 

Detailed Breakdown of Outstanding Liabilities

According to the Reserve Bank of India’s report ‘State Finances: A Study of Budgets of 2023-24,’ the table below details the total outstanding liabilities of state governments for March 2022, March 2023 (RE), and March 2024 (BE): 

State March 2022 (₹ Crore) March 2023 (RE) (₹ Crore) March 2024 (BE) (₹ Crore)
Andhra Pradesh 3,80,548.50 4,28,715.70 4,85,490.80
Arunachal Pradesh 15,924.60 18,850.40 21,654.20
Assam 1,02,366.30 1,26,281.40 1,50,900.40
Bihar 2,57,634.70 2,93,850.50 3,19,618.30
Chhattisgarh 1,06,451.10 1,09,664.10 1,22,164.10
Goa 29,209.20 30,743.20 34,758.40
Gujarat 3,88,582.80 4,21,018.20 4,67,464.40
Haryana 2,79,453.30 3,05,586.90 3,36,253.00
Himachal Pradesh 73,541.40 86,639.20 94,992.20
Jharkhand 1,13,568.10 1,18,855.50 1,31,455.60
Karnataka 5,03,987.70 5,35,408.10 5,97,618.40
Kerala 3,60,036.90 3,89,312.30 4,29,270.60
Madhya Pradesh 3,25,193.00 3,65,624.40 4,18,056.00
Maharashtra 6,06,407.10 6,53,197.00 7,22,887.30
Manipur 15,334.00 17,376.40 19,245.80
Meghalaya 16,927.60 18,845.10 20,029.90
Mizoram 10,953.70 12,880.00 14,039.30
Nagaland 15,834.50 17,085.20 18,165.80
Odisha 1,39,002.40 1,29,872.90 1,20,986.90
Punjab 2,84,923.20 3,16,346.10 3,51,130.20
Rajasthan 4,63,832.80 4,99,529.00 5,62,494.90
Sikkim 11,482.20 13,331.40 15,529.50
Tamil Nadu 6,67,974.90 7,41,497.70 8,34,543.50
Telangana 3,14,852.90 3,52,061.00 3,89,672.50
Tripura 22,438.60 23,360.50 26,505.80
Uttar Pradesh 6,46,321.30 6,93,577.10 7,69,245.30
Uttarakhand 78,952.10 80,120.40 89,466.00
West Bengal 5,48,235.90 5,96,725.20 6,58,426.20
Total 67,79,970.80 73,96,354.90 82,22,065.30
Source: RBI Report “State Finances: A Study of Budgets of 2023-24”

The state’s adherence to the Fiscal Responsibility and Budget Management (FRBM) Act ensures that such liabilities are monitored and managed in line with constitutional requirements. Pankaj Chaudhary, Minister of State for Finance shared these details about outstanding liabilities across India in a written reply to the Rajya Sabha.DeshGujarat

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