Replying to a debate on the Rajasthan Appropriation Bill-2022 in the state assembly here, Dr B D Kalla, the Education Minister and Minister-Incharge said that the government's on-tax revenue has increased by 28 percent, while the non-tax revenue has increased by 23 percent.
It did not expect the government to significantly expand spending beyond what has been budgeted.
The RBI-appointed KV Kamath Committee, which worked out the financial parameters for loan restructuring, has concluded that 72 per cent of banking sector debt worth Rs 37.72 lakh crore was under stress. Further, according to the Committee, the coronavirus pandemic is not solely responsible for the stressed loans; Rs 23.71 lakh crore, or 45 per cent of banking sector debt, was already under stress
The government's total expenditure stood at Rs 25.17 lakh crore (73 per cent of RE) while total receipts were Rs 12.83 lakh crore (80.1 per cent of RE).
This year, it has further reduced the EBR mobilised through National Small Saving Fund (NSSF) and fully serviced bonds to Rs 30,000 crore only from Rs 1.3 lakh crore in FY21.
The non-tax revenue accrued to the Centre was Rs 2.41 lakh crore whereas other receipts were pegged at Rs 31,000 crore.
The saving grace is the jump in non-tax revenue of around Rs 32,335 crore or 20 bps of fiscal deficit, possibly reflecting the AGR payments/interim dividend from RBI in lieu of telecom.
Is the macroeconomic scenario projected by the government likely to go haywire?
The revised estimates of expenditure for the FY20 is at Rs 26.99 lakh crore, and the revised receipts for FY21 is at Rs 19.32 lakh crore, the minister said.
As per the CAG report, the surplus of the state has consistently declined from Rs 1,137 crore in 2015-16 To Rs 314 crore in 2017-18 despite heavy devolution from the Government of India.
