Home Business UP’s debt can reach Rs 7.84 lakh crore, RBI had already expressed concern

UP’s debt can reach Rs 7.84 lakh crore, RBI had already expressed concern

by Trend News
2 minutes read
UP's debt can reach Rs 7.84 lakh crore, RBI had already expressed concern.

It has been feared that the debt of the state of Uttar Pradesh may reach up to 7.84 trillion. This means the debt of UP can increase to Rs 7 lakh 84 thousand crore. Let us tell you that before this the Reserve Bank of India (RBI) has warned that the debt on the states is continuously increasing.

At the same time, the debt of UP has decreased by 31.1 percent. Explain that the GSDP (GDP) of the state is 24.39 trillion, that is, the economy of UP is more than 24 lakh crores and it has a debt share of 7.84 lakh crores. This figure is according to the budget of 2023-24.

Interestingly, the estimated debt of Rs 7.84 trillion is Rs 94,000 crore or about 14 percent more than Uttar Pradesh’s budget of Rs 6.90 trillion. That is, the debt on the government is more than the budget of the state.

RBI has expressed concern about the increasing debt pressure on the states, in which RBI had told that the five states which are most in debt include Punjab, Rajasthan, Bihar, Kerala and West Bengal.

Obviously, the name of Uttar Pradesh is not there in this. But during the pandemic, Uttar Pradesh’s debt accounted for 30 percent of its GSDP.

Meanwhile, UP is estimated to get about Rs 71,200 crore (2.9 percent of GSDP) as loan from the Center during 2023-24, compared to Rs 51,860 crore (2.5 percent of GSDP) during 2022-23.

According to Chief Minister Yogi Adityanath, UP’s Rs 6.90 lakh crore budget was aimed at laying the foundation for the ambitious target of making UP a trillion dollar economy by 2027.

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