The financial status of Kerala has deteriorated during 2016-17 when compared to the last financial year in terms of key parameters such as revenue, fiscal and primary deficits, Controller and Auditor General of India (CAG) said.
The 9.53 per cent growth rate of revenue receipts in 2016-17 was the lowest recorded during the last five years, said the CAG report on the state finances for the year ended March 2017 that was tabled in the assembly by state finance minister T M Thomas Isaac today.
Revenue receipts increased from Rs 69,033 crore in 2015-16 to Rs 75,612 crore in 2016-17, registering a growth of 9.53 per cent, which was the lowest in the last five years period, the report said.
The revenue receipts were insufficient to meet its non-plan revenue expenditure, it pointed out. On the state's own tax revenue, the report said, it recorded the lowest growth rate of 8.16 per cent in 2016-17.
The state's revenue growth rate in 2015-16 was 10.68 per cent at Rs 38,995 crore as against Rs 42,177 crore in 2016-17, it said. Revenue deficit increased from Rs 9,657 crore in 2015-16 to Rs 15,485 crore in 2016-17, the report said, adding the fiscal deficit increased from Rs 17,818 crore to Rs 26,448 crore. On expenditure, the report said revenue expenditure rose from Rs 78,690 crore to Rs 91,096 crore in 2016-17, a growth rate of 15.77 per cent over the previous year. With regard to debt management, the report said almost 68 per cent of the loans raised during 2016-17 were used for servicing the debt.
Maturity profile of the debt showed that about 50 per cent of the debt of Rs 62,478.65 crore was to be repaid by March 2014, it added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
