The Uttarakhand Government has been forced to take loan for distribution of salaries and pensions to its employees in the first quarter of the financial year itself. Rupees 300 crore borrowing orders have been issued in the first week of June. In this financial year, the debt will increase to 1400 crores. On the other hand, the market borrowing has increased to more than 45 thousand on every person in the state.
The state government has been sweating every month to arrange funds for the disbursement of the salary and pension expenditure of its employees. In the first two months of this fiscal year 2018-19, about 1100 crore rupees have been taken in the month of April and May.
After entering the third month i.e. June, the situation to take another loan has risen. The Government has knocked the market for a loan of 300 crore rupees. With less income and higher expenditure, the state’s financial condition is getting worse every year. Because of this, the debt burden is increasing year after year. At the time of formation of the state, there was a loan of 4430.04 crore in the state share.
This loan, coupled with the birth of the state, was estimated at 40793.70 crores in the financial year 2016-17, in the budget data, till March 31, 2017 the public debt was 35209.59 crores. This loan is reaching more than 45 thousand crore by the current financial year. However, in the current fiscal year 2018-19, the loan amount is estimated to reach 47580.42 crore. Finance Secretary Amit Negi has issued orders to borrow 300 crore.