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| In PDP’s last year of rule, Govt sought Rs 13487 crore from GOI to mitigate pending liabilities | | As VIP Raj of past Govts comes to end, JK’s liabilities decrease drastically | | Early Times Report
Jammu, Mar 23: Thousands of crores of public money have been saved as no whooping grants were spent on the luxuries of elected representatives in the erstwhile state, causing a drastic dip in annual rate of increase in liability.
As per the official documents in possession of Early Times, during the financial year of 2018-19, the government had borrowed Rs 13487 crore from central government to mitigate the pending liabilities. As the liabilities crossed Rs 83 thousand crores and the government had to pay Rs 83573 crore in the year 2019-20, however, due to absence of elected government in Jammu and Kashmir, the annual rate of increase in liability has come down.
In 2019-20, the borrowing increased by Rs 11,999 crore. However, as BJP pulled out the support from PDP and the popular government was dissolved on June 18, 2018, the governor’s rule came into force the very next day. After the imposition of Governor’s rule there was a drastic reduction in borrowings witnessed in Jammu and Kashmir. It is said that due to lack of financial discipline of previous governments, the state government's constant liabilities were increasing.
The government had a liability of Rs 79,060 crore in 2018-19. The liability increased to Rs 83,573 crore with an increase of Rs 4513 crore in 2019-20. These include Rs 34,291 crore market borrowing, Rs 1237 crore loan from the center, Rs 3370 crore special security issued in the name of National Small Savings Fund, Rs 3574 crore loan from financial institutions and banks, Rs 692 crore loan from RBI. Rs. 37,162 crores from PF, Rs 9709 crores from Reserve Fund. Rs 3573 crore were borrowed from Power Bond.
The CAG also warned the government of the increasing debt burden back then and asked it to take remedial measures at an earliest. In the budget for the year 2020-21, additional grant demands of Rs 1200205.75 lakh have been approved by the central government for Jammu and Kashmir.
It consists of Planning and Development Department Rs 2935.29 Lakh, Power Development Department Rs 990947.13, Finance Department Rs 199225, Law Rs 1598.10, Revenue Rs 1124.18, Public Works Rs 50158.42, Health Rs 50323.76, Social Welfare Rs 20523.98, Waterpower Rs 50671.06, Fisheries Department Rs 1998.83. An additional grant of Rs. Lakh is sought. The financial liability of two and a half thousand crores have been transferred to Ladakh, after the separation of Ladakh from Jammu and Kashmir in the year 2019, there was also a distribution of assets as well as liabilities between the two Union Territories. Financial liability of Rs 2504.46 crore was transferred to Ladakh's share as well. The decision was taken after a series of meetings by a high-level committee set up by the central government at that time. |
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