Mumbai, Apr 25 (UNI) The Comptroller and Auditor General of India (CAG) has expressed concern over the growing fiscal responsibility of the Maharashtra Government.
In his report presented to the State Assembly for the year 2006-07 today, he said the state's fiscal liabilities stood at Rs 157,039 crore, forming 32 per cent of the Gross State Domestic Product. In 2005-06, the amount stood at Rs 142,491 crore.
Though it was not uncommon for the State to borrow for creating and strengthening its social and economic infrastructure, the low productivity and negligible return on the government investments relative to their cost of borrowings remained a cause of concern, the report said.
The CAG, however, lauded the State's efforts to reduce the fiscal and revenue deficits. The state's revenue receipts grew by 28 per cent during the year to touch Rs 62,195 crore as against a revenue expenditure of Rs 61,385 crore, which was 17 per cent more than the previous year.
The augmentation in the state's tax and non tax revenue led to a revenue surplus of Rs 810 crore during the year as against deficit of Rs 3842 crore during 2005-06. The reduction in net loan disbursed along with the revenue surplus resulted in reduction of fiscal deficit by Rs 6078 crore (34 per cent) during 2006-07, the report said.
During the year, the overall savings of Rs 8079 crore was the result of Rs 9035 crore in 215 cases of grants and appropriations, off set by excesses of Rs 956.30 crore in 29 cases of grants and appropriations.
UNI VK OBB AE BST1918