State’s GSDP grew by 15.55% in fiscal year 2022-23 | Patna News – Times of India
Patna: The state finances audit report of the Comptroller and Auditor General of India (CAG) on govt of Bihar for the year ending March 2023 tabled on the floors of the state legislature on Thursday mentioned that during financial year 2022-23, GSDP of the state grew at 15.55% over the previous year.
The report states that the revenue receipts of the state increased by 8.75% over the previous year.However, to meet revenue expenditure during the year 2022-23, the state had to borrow more funds—19.38% higher than the previous year, it said. Further, it said the revenue expenditure of the state increased by 15.55% over the previous year and showed positive growth.
According to the CAG report, during financial year 2022-23, the liabilities of the state increased by 7.83%, as compared to 10.03% in the previous year. Internal debt contributed 58.65% to the total outstanding liabilities. There was net increase in liabilities under internal debt by 13.80% (Rs 25,242.78 crore), as compared to 14.60% (Rs 23,297.82 crore) in the previous year, it said.
The CAG report said during the fiscal 2022-23, the govt had not achieved the ratios of revenue surplus and fiscal deficit to GSDP, fixed by the 15th Finance Commission and set out in the Budget estimates.
“Revenue deficit of the state increased from Rs 422.38 crore to Rs 11,288.20 crore over the previous financial year, the report said.
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