Sanjeev Pargal
JAMMU, Mar 9: Jammu and Kashmir has fallen in huge debt trap with its total liabilities crossing Rs 40,000 crores during 2012-13 including the highest ever internal debt of Rs 22,796 crores. The liabilities were expected to touch or even cross Rs 45,000 crores during current Financial Year (FY) of 2013-14, according to the Government estimates.
Official sources told the Excelsior that total liabilities of Jammu and Kashmir stood at whopping Rs 40,248 crores during 2012-13 as compared to Rs 16,790 crores during 2005-06. The liabilities were about 53 per cent of Gross State Domestic Product (GSDP).
“The liabilities were increasing with every passing year. There has been 250 per cent increase in the liabilities during past eight years and they were expected to go up further during current Financial Year of 2013-14 and might stand around Rs 45,000 crores if not more,’’ they said.
The Planning Commission of India has off and on been advising the State Government to keep liability position under control and return loans etc as much as possible.
Sources said out of Rs 40,248 crores worth total liabilities of Jammu and Kashmir, Rs 22,796 crores alone accounted for internal debt and Rs 1839 crores as Loans and Advances from Central Government taking total public debt to Rs 24,635 crores.
Other liabilities for the year 2012-13 included Rs 454 crores on account of Insurance and Pensions Funds, Rs 9954 crores on Provident Funds and Rs 5205 crores worth ‘Other Obligations’.
The liabilities of Jammu and Kashmir during 2011-12 were Rs 36,256 crores, which included Rs 22,692 crores worth public debt (Rs 20789 crores internal debt and Rs 1903 crores on account of Loans and Advances from Central Funds), Rs 384 crores on Insurance and Pension Funds, Rs 8335 crores of Provident Funds and Rs 4845 crores on ‘Other Obligations’.
J&K’s liabilities during 2010-11 were Rs 29,972 crores, which included Rs 18,567 crores worth total public debt (Rs 16,535 crores internal debt and Rs 2032 crores as Loan and Advances from Central Government), Rs 358 crores as Insurance and Pensions Funds, Rs 6291 crores on account of Provident Funds and Rs 4756 crores as ‘Other Obligations’.
The liabilities in 2009-10 were Rs 28,724 crores, which included Rs 18,593 crores worth total public debt (Rs 15,449 crores internal debt and Rs 3144 crores Loans and Advances from Central Funds), Rs 333 crores on account of Insurance and Pension Funds, Rs 5113 crores Provident Funds and Rs 4685 crores as ‘Other Obligations’.
The liabilities of Jammu and Kashmir during 2005-06 were Rs 29,920 crores including Rs 11010 crores worth total public debt while they went up to Rs 18,591 crores during 2006-07 including Rs 12,150 crores worth total public debt.
In 2007-08, the liabilities of Jammu and Kashmir stood at Rs 21,355 crores including Rs 14,226 crores total public debt while they were Rs 24,275 crores including Rs 16,471 crores worth total public debt.
However, taking into account the percentage of total liabilities of Jammu and Kashmir based on GSDP at current prices taking 2004-05 as the base year, they have come down from 56 per cent in 2005-06 to 53.25 per cent in 2012-13.
The percentage wise liabilities of Jammu and Kashmir based on GSDP were 56 during 2005-06 and 2006-07 while they went up to 58 in 2007-08 but again came down to 57 in 2008-09 but rose to highest 59.36 per cent in 2009-10. They came down sharply to 52.6 per cent in 2010-11 but rose to 54.95 per cent in 2011-12 and stood at 53.25 per cent during 2012-13.
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