State's debt soars 10-fold in a decade, hits Rs 24,118 Cr in 2023-24
In 2016-17, though a dip of Rs 5,649 crore was marked, in subsequent years, the loan amounts went sharply northwards.;
Assam Legislative Assembly (Photo: Screengrab)
Guwahati, Mar 26: Assam's total debt has surged alarmingly over the past decade, rising from Rs 2,115 crore in 2011-12 to Rs 24,118 crore in 2023-24 – an increase of over ten times.
According to data presented by Finance Minister Ajanta Neog in response to a query by MLA Akhil Gogoi in the State Legislative Assembly on Tuesday, Assam's debt accumulation has seen a sharp rise amid some fluctuations.
Under the Congress-led government (before 2016), the borrowing pattern was inconsistent, with notable jumps such as a 134 pc increase in 2014-15, bringing the total debt to Rs 6,214 crore. The following year, it rose further to Rs 7,206 crore.
In 2016-17, though a dip of Rs 5,649 crore was marked, in subsequent years, the loan amounts went sharply northwards.
After the BJP came to power in 2016, Assam's borrowings escalated sharply. In 2017-18, debt shot up to Rs 10,477 crore, a staggering 85 pc increase from the previous year. The upward trend continued, reaching Rs 14,004 crore in 2018-19 and Rs 16,634 crore in 2019-20.
During the Covid-19 pandemic period, the state finances remained strained, pushing borrowings to Rs 18,806 crore in 2020-21.
Though 2021-22 saw a temporary decline in debt to Rs 16,548 crore (a 12 pc drop), it rebounded in 2022-23 to Rs 21,602 crore and Rs 24,118 crore in 2023-24, signalling continued reliance on borrowings.
While the state government argues that Assam's debt-to-GSDP ratio remains lower than many other states, the data suggest the debt-to-GSDP percent has gone up to 24 per cent in 2023-24 from 18 per cent in 2011-12.
By
Staff Reporter
