Mumbai: The state debt will remain this fiscal high at 33 percent, which is only a notch under a record high of 34 percent of their gross domestic product in FY21, because tax tax will be balanced with higher income expenditure and capital expenditure, according to the report.
CRISIL Agency Rating Agency on Tuesday said that the debt aggregate state (domestic product country-to-gross, GSDP), is expected to be at 33 per cent this fiscal, down from 34 percent last year, even though the post-pandemic, although the post-pandemic Recovery increases income.
Different, the overall debt of the country, including guarantees, is likely to increase by 7.2 lakh crore’s fiscal Rs to Rs 71.4 lakh crore, which is 33 percent of their combined GSDP, this report, adding this mathematics will not apply there wave Third or if income does not clip at least 15 percent.
The debt-to-GSDP ratio has increased to the highest decadal 34 percent of the last fiscal after the first wave captured everyone with a total surprise.
And that sticky and high income expenditure and higher needs will increase this fiscal loan.
However, GST compensation from Rs 1.4 lakh Crore because against Rs 0.9 lakh Crore last year will provide some concessions, the report said, which was based on data from the top 18 states, which contributed 90 percent of the aggregate GSDP.
State revenue deficit of Rs 1.8 Lakh Crore in FY20, Rs 3.8 Lakh Crore in FY21 and are likely to be in the RS 3.4 Lakh Crore in FY22, their capital expenditure was 3.7 per cent of GSDP in FY20, 3.6 percent at FY21 and will be 4.4 percent in FY22.
It has their gross fiscal deficit at 5.1 percent at FY20, 7.6 percent on FY21 and 8.2 percent on FY22 and total debt at Rs 55.7 Lakh Crore, Rs 64.2 lakh Crore and Rs 71.4 lakh Crore in FY22, respectively.
The overall income from countries is expected to increase 15 percent in this fiscal year, following the last 3 percent fiscal decline.
When the economy recovers, two main components of income – GST and sales tax on oil and liquor products consisting of 30 percent of total mop-up tax – most likely will rebound strongly.
GST may grow 20 percent supported by higher inflation and a better level of compliance, while the visible clipping sales tax at 25 per cent, given the volume and the recovery of crude oil prices higher, according to the report.
However, income expenditure is likely to surge 10-11 percent, eliminating a tax increase.
As many as 75-80 percent of state income expenditure towards salary, retirement, interest costs, and essential development expenditures such as in-aid grants, costs related to medical and labor welfare.
As a result, the recovery of net income will be simple but the revenue deficit will drop from Rs 3.8 lakh Crore (or 2 percent of the last fiscal GSDP) to RS 3.4 lakh crore (1.6 percent) of this fiscal.
They must borrow to fund the capex / higher expenses towards the main infrastructure segments such as roads, irrigation, rural development, etc.
Countries have budgeted growth of 55 percent in the year in capital expenditure at this 5.6 lakh RS.
But the agency saw this was deployed by up to 20 percent considering the past trace record and which had increased by a fiscal deficit nearly 4 percent.