2021 White Paper: Every family has a debt of Rs.2,63,976, TN govt is paying 87 crores as interest per day !
DMK ruling Tamil Nadu’s Finance Minister Palanivel Thyagarajan has released a white paper on the finances involved in the last ten years of the ADMK regime.
State’s debt increases every year when additional loans are received to deal with the fiscal deficit caused by the revenue shortfall. As per the estimation of the 2021-22 interim budget, the total outstanding loan amount would be 5,70,189 crore as of 31.3.2022.
The total outstanding loan amount in 2011-12 was 1,15,412.38 which has raised to 5,70,189.29 crore in 2021-22. It has increased by 4.5 lakh crores in the last ten years.
The fiscal deficit for 5 years from 2011-12 till 2015-16 in the ADMK regime was 17,058 crore. Now it has increased to 1,55,246 crore for the period of 2016-17 till 2020-21.
Debt on every family
It is said in the white paper that every family in Tamil Nadu has a debt of Rs.2,63,976.
Debt on Electricity and Transportation Department
Transportation and electricity are the two departments in Tamil Nadu that are operating at loss. These two departments total debt amounts to more than 2 lakh crores.
The white paper reports that in 2020-21, pending guarantees of the electricity department are 82,916 crores and outstanding loans of the electricity department are 1,59,668 crores. And for the transportation department, pending guarantees are said to be 4,642 crores and outstanding loans are 11,840 crores.
The interest amount paid by the Tamil Nadu government for the loans received is 87.31 crore per day, reported Finance Minister Palanivel Thiyagarajan.