According to the Reserve bank of India, tamil Nadu has been the top borrowing state for the third consecutive year. In the last financial year 2022-23, tamil Nadu has borrowed Rs. 68 thousand crores in the first 11 months. Next to tamil Nadu, andhra pradesh has borrowed Rs.51,860 crore and maharashtra has borrowed Rs.50 thousand crore. 

Tamil Nadu was the highest borrowing state in the previous 2 financial years. tamil Nadu borrowed Rs 87,977 crore in the financial year 2020-21 and borrowed Rs 87 thousand crore in 2021-22. Compared to these two financial years, the borrowing of tamil Nadu in the financial year 2022-23 has decreased slightly. At the same time, tamil Nadu has borrowed less than the loan amount recommended by the Finance Commission.

Looking at the top 10 borrowing states, Uttar Pradesh, West bengal and karnataka have reduced borrowing the most in the last financial year. Uttar Pradesh has borrowed Rs 33,500 crore in the first 11 months of the 2022-23 financial year. The state had borrowed Rs 62,500 crore in the financial year 2021-22. Uttar Pradesh has reduced borrowing due to increase in own tax and non-tax revenue.

Meanwhile, andhra pradesh, haryana and gujarat have borrowed more in the first 11 months of the 2022-23 financial year than they did in the previous financial year 2021-22. RBI predicts that maharashtra will borrow Rs 25 thousand crore, tamil Nadu Rs 24 thousand crore and andhra pradesh Rs 20 thousand crore in the first 3 months of the current financial year (April-June). Uttar Pradesh is expected to borrow Rs 18,500 crore, rajasthan Rs 15,000 crore, punjab Rs 12,700 crore and West bengal and telangana Rs 12,500 crore. RBI predicts that haryana will borrow Rs 12 thousand crore and gujarat Rs 11 thousand crore.

For the first quarter of this financial year, only three states — maharashtra, tamil Nadu and andhra pradesh — will purchase 35 percent of the total debt, according to financial rating agency ICRA.

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G GOWTHAM

02/05/2023 12:50 AM