Delhi's outstanding debt over Rs.255 bn

Calcutta News.Net
Tuesday 25th March, 2008 (IANS)

Delhi has an outstanding debt of over Rs.255 billion as on March 2007, Finance Minister A.K. Walia admitted in his budget details for 2008-09.

According to Walia, the debt amount accounts for 21.62 percent of the gross state domestic product (GSDP), and his government paid Rs.221 billion as interest in 2006-07.

In 2007-08, the state government made a pre-payment of loans to the tune of Rs.7.53 billion.

The city government will spend Rs.100 billion for asset creation during the new fiscal. And Rs.101 billion will be spent under the non-plan head, which are the maintenance expenses, as Rs.1 billion will go to the centrally sponsored schemes.

The fiscal deficit in 2008-09 is expected to be Rs.18.68 billion in 2008-09 against Rs.22.39 billion in 2006-07.

'The city's economy is moving much faster. There is nothing to worry about,' Walia said.

'The GSDP increased from Rs.101,800 crore (1.01 trillion) in 2005-06 to Rs.118,240 crore (1.82 trillion) in 2006-07, registering a growth of 16 percent,' Walia said.

'The GSDP at constant prices in the city registered a growth of 12 percent in 2006-07 as compared to 9.6 percent at the national level, indicating a strong and vibrant economy.'

The Economic Survey for 2006-07 has shown the per capita income growing from Rs.58,655 in 2005-06 to Rs.66,728 against the national level figure of Rs.29,642.

'The per capita income of Delhi continues to be one of the highest in the country and more than double the national average,' Walia said.

Walia, who Monday presented his fifth consecutive and last budget of the Sheila Dikshit-led Congress government, said the price situation in the city-state was under constant watch, and inflation was much lower compared to other metros.

'The rate of inflation as per the consumer price index for industrial workers in Delhi during 2007 was only 4.9 percent as compared to 9.1 percent in Kolkata, 6.3 percent in Mumbai, 5.1 percent in Chennai and 6.5 percent at the national level,' Walia said.

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