The state had estimated tax revenue realisation at Rs 66,479 crore but it fell short by Rs 29,912 crore, according to the report of Comptroller and Auditor General of India (CAG) for Madhya Pradesh for 2014-15.
The state government's expenditure, however, shot up by Rs 446.28 crore from its estimate, it said. The CAG report tabled in the Legislative Assembly recently notes that the revised budget estimate for 2014-15 of Rs 66,479 crore projected by the state was unrealistic.
The outstanding fiscal liabilities at 2014-15 end (Rs 1,08,688 crore) were 21.40 per cent of GSDP, against the limit of 35.30 per cent prescribed by 13th Finance Commission.
The growing volume of debt has resulted in increasing liability for servicing the debt, the report underlines.
The priority given to expenditure on social sector and on education and health sectors in MP was 'not adequate' during 2014-15 when compared with general category states' average, it says.
The state government sanctioned an advance amounting to Rs 1.08 crore from the contingency fund to Urban Administration and Development Department.
The expenditure was incurred during the year, however, an advance from the contingency fund remained 'unrecouped'.
As many as 27 government companies and statutory corporations, with an aggregate investment of Rs 13,523.24 crore for the latest year for which accounts were finalised as of 2014-15, were running in losses which accumulated to Rs 29,268.72 crore, the CAG report pointed out.