Guwahati, March 10 The average annual borrowing has increased by about 78 per cent in the three years from 2019-20, while the growth in GSDP and per capita income during the current fiscal year has been slower than the previous year, according to the Assam government’s Economic Survey report 2024-25.
The state government’s borrowings stood at Rs 16,634.53 crore in 2019-20. This increased to Rs 30,510.80 crore in 2022-23, an annual average increase of 77.92 per cent over the previous year, the report tabled in the state assembly on Monday said.
It said that as per advance estimates, the nominal GSDP at current prices for 2024-25 is likely to be Rs 6.43 lakh crore as against Rs 5.70 lakh crore in 2023-24, showing a growth of 12.74 percent.
According to data mentioned in the budget speech of Finance Minister Ajanta Neog, the state’s GSDP growth was 19 percent in 2023-24 over the previous year, indicating a decline in the projected annual growth rate for 2024-25.
The Economic Survey report further said that the state has improved its share in the country’s GDP at current prices, rising from 1.65 percent in 2016-17 to 1.99 percent in 2024-25. It said that as per advance estimates, the state’s per capita income at current prices for 2024-25 is Rs 1,54,222, while for 2023-24 it will be Rs 1,39,783, showing a growth of 10.33 percent.
The finance minister said in her budget speech that the per capita income in 2023-24 will grow by 17 per cent year-on-year. The state’s revenue receipts for 2024-25 are expected to be around Rs 1.11 lakh crore compared to Rs 1.17 lakh crore in 2023-24, a decrease of 4.35 per cent, the Economic Survey report said.
There has been a significant improvement in the collection of tax revenue from 2012-22 to 2023-24, “due to various measures taken by the government to augment its own tax resources”. The report said the collection of non-tax revenue has also “increased significantly” due to the collective effort of the state government.
The share of central funds in total revenue receipts was 50.88 percent in 2022-23 and is expected to reach 62.42 percent in 2024-25. The total revenue expenditure was Rs 82,000 crore in 2021-22 and is expected to increase to Rs 1.18 lakh crore in 2023-24 with an annual average growth of 16.32 percent.
However, the report said a large part of the state government’s revenue expenditure has to be spent on payment of salaries and pensions of employees. The total amount spent on salary and pension in 2024-25 was 30.87 percent and 16.18 per cent of the total revenue expenditure, respectively.
Assam borrowings gain 78% in 3 years: Economic Survey
