Gujarat’s debt now Rs 3.21 lakh crore

AHMEDABAD: State finance minister Kanu Desai told the Gujarat assembly that the total debt of the state according to the revised estimates of 2021-22 is Rs 3.21 lakh crore.
This was divulged in response to questions by Danilimda MLA Shailesh Parmar and Porbandar MLA Arjun Modhwadia.
Desai stated that the government in 2020-21 repaid Rs 22,023 crore towards interest and Rs 17,920 crore of the principal.According to the 2021-22 revised estimates, the government paid Rs 23,063 crore in interest and Rs 24,454 crore towards the principal.
The government said that Rs 2.65 lakh crore has been borrowed from the market, with loans taken between 2011 and 2022 at interest rates ranging from 6.68% to 9.75%. These borrowings are for tenors ranging from four to 15 years.
Rs 28,497 crore has been borrowed for 10 to 25 years from National Small Saving Fund (NSSF) at interest rates ranging from 9.5% to 10.5% per annum between 2002 and 2016.
Another Rs 17,812 crore was borrowed from financial institutions between 2014 and 2022 at interest rates from 2.75% to 8.75% for tenors of seven to 15 years.
The state also took loans of Rs 9,799 crore from the central government at interest rates ranging from 0% to 13% for periods between two and 50 years.