The debt burden of Maharashtra has spiralled by 124 per cent in the last eight years, growing from Rs 1.42 lakh crore in 2007-08 to Rs 3.20 lakh crore in the current fiscal.
From Rs 12,000 crore in 1991, the debt burden increased to Rs 58,000 crore in 2000, while it is estimated to cross Rs 3.56 lakh crore next year.
Maharashtra will pay a whopping Rs 31000 crore to service this debt. The state spends nearly 60 per cent of its revenue towards the salary and pension bills, nearly Rs 1.17 lakh crore. In 2007-08, the salary bill accounted for only 50.88 per cent of the state’s revenue receipts. The revenue receipts have grown 149 per cent over the last eight years from Rs 79583 crore to Rs 1.98 lakh crore. Last year it stood at Rs 1.49 lakh crore.
Its revenue expenditure meanwhile grew by 220 per cent in the last eight years from Rs 64780 crore to Rs 2.07 lakh crore. Last year, it was Rs 1.77 lakh crore. In 2012-13, the state had a revenue surplus budget of Rs 4211 crore, after a period of three years. The last two budgets have seen a revenue deficit of Rs 12138 crore and Rs 9290 crore respectively.