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LDF government indulged in unproductive expenditure
As per the white paper on state''s finance situation presented today in the assembly by the State Finance Minister K M Mani public debt level of the state stood at Rs 78,673 crore by the end of 2009-10.
The paper said ''tightening of the belt'' with revenue augmentation could led credence to the fiscal consolitation efforts.
Due to the inefficiency of the government in spending and furnishing utilisation certificates in time resulted in the lapse of Central grant related to Public Works Department and Inland Waterways and Canal and Coastal Zone Management to a tune of Rs.414 crores, the paper said.
Expressing concern over the growth state debt, paper said rate of growth of debt during the last decade has been in the range of 8.59 per cent to 20.58 per cent.
Stating that capital expenditure constituted only six per cent of the total revenune expenditure, paper pointed out that a good portion of resources has been mobilized through the borrowings.
The LDF government failed to control the fiscal deficit and Gross State Domestic Product (GSDP) also showed a decreasing trend during the period, the paper said.
''At the current prices, GSDP stands at Rs.2,30,316 crore singifies a growth of 14.57 per cent over the last year against a GSDP growt rate of 23.34 per cen during the UDF rule in 2004-5.
Referring to liabilities bequeathed by the LDF government, paper said additional financial burden on account of various committement would be Rs.10,197 crore for the financial year 2011-12, but only an amount of 5133 crore had been earmarked in the last budget.
The uncovered committement of Rs.5064 crore for which no provisions had been made by the previous LDF government would put a heavy burden resulting in severe strain on state's finances'', the paper said.
PTI
