The fiscal liabilities of Himachal Pradesh increased to Rs.41,197 crore in 2015-16 with the growth of eight per cent over the previous year, according to the Comptroller and Auditor General of India (CAG) report.

Tabled in the state assembly by Chief Minister Virbhadra Singh on Friday, the CAG report (for the financial year ending on 31 March) presents a grim picture of the state's financial health.

The report stated that the liabilities stood at 37 per cent of the state Gross Domestic Product (GSDP) and 176 per cent of the revenue receipts.

“The maturity profile of the state debt indicates that 8 per cent (Rs.2,268 crore) (Rs.2,268 crore) of the public debt is payable in the next year. Thirty-eight per cent (Rs.10,567 crore) is payable in the next 1-5 years' time while the remaining 54 per cent (Rs.15,075 crore) loans are required to be paid in more than five years' time, which would put a strain on the government budget during that period,” it stated.

The state is required to pay 62 per cent debt within seven years, which is not a very comfortable position and could lead towards ‘debt trap’, it added.

The report by the auditor said the state's per capita debt had shown increasing trend from Rs.40,904 in 2011-12 to Rs.57,642 during 2015-16, an increase of 41 percent in five years.

According to it, the per capita debt showed an increasing trend from Rs.40,904 in 2011-12 to Rs.57,642 during 2015-16 (an increase of 41 per cent in five years time).

It increased by Rs.3,729 (seven percent) in 2015-16 (Rs.57,642) over the previous year (Rs.53,913). (The per capita income of the state stood at Rs.130,067 in 2015-16).

The CAG report pointed to the delay in furnishing 2,944 utilisation certificates with respect to loans and grants amounting to amounting to Rs.2,225.40 crore as on March 31, 2016.

"The state has given less priority to the capital expenditure as the as the percentage ratio of capital expenditure to aggregate expenditure is 10.88 in 2014-15 and 11.17 in 2015-16, which is lower than the average ratio of special category states 15.27 in 2014-15 and 13.95 in 2015-16," it said.

Referring to the rush of expenditure, the report said contrary to the state financial rules, in 33 sub-heads, the expenditure exceeding Rs.10 crore (constituting more than 50 per cent of the total expenditure for the year 2015-16) was incurred in the month of March, 2016.