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news details
Government got mere 1.17 percent as repayment to Rs 1,641 crore loans
The mystery behind Cash Starved JK
12/10/2019 10:54:15 PM
Peerzada Ummer
Early Times Report
Jammu, Dec 10: The reasons why the erstwhile Jammu and Kashmir state was cash starved could be gauged by the figures according to which the government has got 19 crores as a repayment to the loans and advances of ` Rs 1,641 crore it has made to various Government Corporations/ Companies.
As per the official documents in possession of the Early Times, total Loans and Advances made by the erstwhile State Government at the end of 2016-17 was ` 1,641 crore. Of this, Loans and Advances to Government Corporations/ Companies, non-Government Institutes and Local Bodies, etc., amounted to ` 1,623 crore. The detailed account of all loans except for Loans under Major Head 7610- Loans to Government Servants etc are maintained by State Government. During 2016-17 ` 19 crore only was received towards repayment of loans and advances out of which ` 13 crore relates to repayment by Tourism Corporation and ` 03 crore by Industries and Commerce. It means the government has not received more than 1.17 percent of the total payment it had made in the shape of loans and advances to Government Corporations/ Companies, non-Government Institutes and Local Bodies.
Furthermore, the documents reveal that in addition to directly raising loans, State Government also guarantee loans raised by Government companies and corporations from market and financial institutions for implementation of various plan schemes and programmes.
Pertinent to mention that these guarantees are projected outside the State budget. During 2016-17, the State Government transferred ` 33.97 crore to the Guarantee Redemption Fund. No amount out of accumulated balance of ` 168.76 crore in the Fund was invested.
Furthermore, as per the documents, the total investment as share capital in public sector undertakings (PSU's) stood at ` 803.74 crore in 38 entities at the end of 2016-17. However, dividends received during the year was ` 45.11 crore (5.61 per cent) on investment from one entity only and no dividend was received from other 37 entities. During 2016-17, investment increased by ` 256 crore and income from dividend decreased by ` 9.02 crore. The major investment was made in Jammu and Kashmir Bank (` 250 crore).
During the financial year of 2016, the fiscal liabilities were to the tune of Rs 44673 crore in the state. The government failed to bring down the deficit in comparison to the gross state domestic product (GSDP) output, hence emerging as a matter of huge concern.
A large chunk of state's revenues goes in the payment of interest on debts as government lifts the money from the Reserve Bank of India at a higher interest rate. In comparison to the GSDP the fiscal liability has been floating between 50-55 percent since past several years.
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