STAFF REPORTER
GUWAHATI: The CAG (Comptroller and Auditor General of India) recommended that the Assam Government might consider discharging its interest liabilities on time. It also said that the government needs to ensure budgeting and booking of grants-in-aid under the revenue sector as per the Indian government's accounting standards.
Parliamentary Affairs Minister Pijush Hazarika tabled the CAG's state finances audit report for the year ended March 31, 2022, in the Assembly today.
The CAG report said, "The Gross State Domestic Product (GSDP) of Assam grew from Rs 2,83,164.90 crore in 2017-18 to Rs 4,33,925.44 crore in 2021-22 with a compound annual growth rate (CAGR) of 11.26 percent against the national CAGR of 8.48 percent.
"The State could achieve Revenue Surplus in only two years out of the five-year period from 2017-18 to 2021-22. During 2021-22, the state ended up with a revenue deficit of Rs 2,732.77 crore against a revenue surplus of Rs 382.60 crore in 2020-21.
"The State was successful in containing the fiscal deficit below the target fixed under the Assam Fiscal Responsibility and Budget Management (AFRBM) Act in two out of the last five years. During the current year, i.e., 2021-22, the fiscal deficit of the state stood at 4.58 percent of GSDP, which was marginally above the borrowing limit of 4.50 percent fixed under the AFRBM Act, 2021. In absolute terms, the fiscal deficit increased by Rs 7,761.09 crore (64.13 percent) from Rs 12,102.03 crore in 2020-21 to Rs 19,863.12 crore in 2021-22.
"During the five-year period 2017-22, outstanding debt of the state remained consistently below 28.50 percent of GSDP, i.e., within the norms prescribed in the AFRBM Act, 2011. However, the outstanding debt during 2021-22 (Rs 99.918.54 crore) increased by Rs 12,510.75 crore (14.31 percent) as compared to Rs 87,407.79 crore during 2020-21.
"There was an understatement of Revenue revenue deficit of Rs 6,559.34 crore during the year. After taking into account the items of misclassification or non-reporting of expenditure during the year, the state should have a revenue deficit of Rs 9,292.11 crore during 2021-22 instead of the reported revenue deficit of Rs 2,732.77 crore.
"The fiscal deficit of the state was also understated by Rs 933.22 crore during 2021-22. If this is taken into account, the actual fiscal deficit would have been Rs 20,796.34 crore instead of Rs 19,863.12 crore. Further, the ratio of the fiscal deficit to GSDP would have been 4.79 percent instead of 4.58 percent."
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