Ahmedabad: Gujrat's public debt has risen to Rs 3,00,963 crore as per the revised estimates for 2020-21. Information in this regard was given in the state assembly on Tuesday. This information was given by state Finance Minister Kanu Desai while replying to a written question by Congress MLA Punja Vansh during the Question Hour.

In a written reply on the interest paid on loans taken in the last two years, Desai said the state had paid Rs 20,293 crore as interest and Rs 16,701 crore as principal in 2019-20. While the interest paid in 2020-21 was Rs 22,099 crore and the principal amount was Rs 17,918 crore. During the discussion, Congress MLA Vansh claimed that 10 per cent of the budget was going into paying interest on loans taken by the state and questioned the minister why the debt was increasing with every passing year.

Desai, however, replied that the state's debt is within the prescribed limit and as per the existing debt-to-GDP ratio, the state government can afford a debt of Rs 4,50,000 crore. Kanu Desai said, "A state's debt is an indicator of development. Our debt is about 21 per cent of the state's gross domestic product (GDP), which is within the prescribed limit. Punjab's debt-GDP ratio is around 53 per cent. Our debt is increasing because we are spending money on development works like the Sardar Sarovar Project. ’

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