Neog asserted that loans taken during that period had been successfully repaid...
Digital Desk: The Assam government is currently grappling with a substantial loan debt of Rs 1,09,071.22 crore accumulated since 2016, as revealed by state finance minister Ajanta Neog during the ongoing Budget Session of the Assam Legislative Assembly. In response to a query, Neog assured the assembly that all outstanding debts would be settled by 2025.
Highlighting the financial journey from 2001 to 2015, Neog asserted that loans taken during that period had been successfully repaid. However, an ongoing audit is in progress for the remaining debt from 2023, expected to be cleared by the end of the year.
The financial disclosure continued as Neog responded to Sivasagar MLA Akhil Gogoi's inquiry, outlining that the total loans procured by the BJP government from April 1, 2016, to March 31, 2023, amounted to a staggering Rs 1,09,071.22 crores. The data unveiled the distribution of loans under former CM Sarbananda Sonowal and current CM Himanta Biswa Sarma.
During Sonowal's tenure from 2016 to 2021, the government incurred loans totaling Rs 66,020.65 crores, averaging Rs 13,204.13 crores annually. In the subsequent period under Himanta Biswa Sarma from 2021 to 2023, loans amounted to Rs 43,050.57 crores, averaging a higher Rs 21,525.285 crores annually.
A notable revelation was the absence of data from April 1, 2023, until the present, disclosed by the Finance Minister during the assembly debate. Additionally, it was disclosed that only 7% of the loans taken during this period were allocated to Capital Expenditure.
Official documents released by the Assam Assembly highlighted that these loans were essential for implementing various development schemes. The data showed a significant increase in loan amounts over the years, with the debt rising from Rs 4,543 crore in 2014-15 to Rs 16,338 crore in 2022-23.
Comparatively, the loan debt of Rs 7,206 crore in 2015-16 surged by Rs 25,902 crore in 2022-23, encompassing a 50-year interest-free CAPEX loan. March 31, 2016, recorded a total loan on the Assam government at Rs 35,690.22 crore. Meanwhile, the cumulative loans from 2001-02 to 2013-14 stood at Rs 35,433 crore, with Rs 22,790 crore repaid by 2022-23.
Addressing concerns, the finance minister assured the assembly that the government remains committed to timely repayments and emphasized the plan to settle the entire loan debt within the stipulated period.
As Assam strives to navigate its financial landscape, the transparency provided during the assembly session serves as a crucial step in keeping the public informed about the government's fiscal responsibilities and its commitment to resolving financial challenges.
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