CAG report shows BRS government's reliance on off-Budget borrowings
5 months, 1 week ago

CAG report shows BRS government's reliance on off-Budget borrowings

New Indian Express  

HYDERABAD: The Comptroller and Auditor General of India has said that the previous BRS government concealed details of Off-Budget Borrowings. “If these off-Budget borrowings were included then the state crossed the stipulated Fiscal Responsibility and Budget Management Act limits,” a CAG report on state finances for the year ending March 31, 2023 said. The CAG report said that considering the OBB of Rs 1,18,629 crore and other liabilities, which are being serviced out of the state Budget, the ratio of debt to GSDP would be 35.64%, which is 10.64% above the set target of 25% as per the TSFRBM Act. Taking into account OBB of Rs 1,18,629 crore at the end of March 2023, the total outstanding liabilities of the state would work out to Rs 4,68,166 crore. “Audit recommends that the state government may fully disclose all the details of OBBs in the Budget documents as recommended by the 15th Finance Commission,” the report said.

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History of this topic

We borrowed money to repay debt incurred by BRS: Dy CM Mallu Bhatti
1 month ago

We borrowed money to repay debt incurred by BRS: Dy CM Mallu Bhatti

New Indian Express  

HYDERABAD: Deputy Chief Minister Mallu Bhatti Vikramarka has accused the previous BRS government of bringing down the state finances to a stage where the Congress dispensation had to borrow fresh loans to repay the existing debts. The deputy CM said that the present government had borrowed Rs 52,118 crore, and repaid Rs 64,516 crore in the last one year. Vikramarka, …

CAG says off-budget liabilities of Andhra at ₹32,903 crore
1 month, 3 weeks ago

CAG says off-budget liabilities of Andhra at ₹32,903 crore

Hindustan Times  

The off-budget liabilities of the Andhra Pradesh government stood at ₹32,903 crore at the end of the 2023-24 financial year, the Comptroller and Auditor General of India said in its report tabled in the state assembly on Wednesday. The CAG, which reviewed the state government’s budget for the financial year 2023-24, said the off-budget borrowing is a liability of the …

Telangana: CAG suggests reforms, an end to indirect borrowings system
10 months, 3 weeks ago

Telangana: CAG suggests reforms, an end to indirect borrowings system

New Indian Express  

HYDERABAD: The Comptroller and Auditor General recommended that the state government tread a reform path to end indirect borrowings within a set timeframe, as recommended by the Fifteenth Finance Commission. The CAG also recommended the government to fully disclose its off-budget borrowings taken through Special Purpose Vehicles/Public Sector Undertakings/Autonomous Bodies for implementation of government schemes/programmes/works in the interest of transparency. …

CAG finds fault with Kerala’s off-Budget borrowings again
10 months, 3 weeks ago

CAG finds fault with Kerala’s off-Budget borrowings again

The Hindu  

Off-Budget borrowings have yet again drawn the criticism of the Comptroller and Auditor General of India whose latest audit report was tabled in the Kerala Legislative Assembly on February 15. Apart from borrowings made by the Kerala Infrastructure Investment Fund Board and the Kerala Social Security Pension Ltd, the borrowings under a bill discounting system also have drawn flak this …

Former A.P. Finance Minister Yanamala Ramakrishnudu seeks clarification on CAG’s findings on State’s fiscal position
1 year, 4 months ago

Former A.P. Finance Minister Yanamala Ramakrishnudu seeks clarification on CAG’s findings on State’s fiscal position

The Hindu  

Former Finance Minister and TDP Politburo member Yanamala Ramakrishnudu wrote a letter to Special Chief Secretary S.S. Rawat on August 23, seeking a clarification whether the recent findings of the Comptroller & Auditor General of India on the State’s financial position in FY 2021-22 reflect the true picture. He stated that two inevitable conclusions could be drawn from the CAG’s …

CAG pegs Andhra Pradesh’s off-budget borrowings at ₹86,260 crore in 2020-21
2 years, 3 months ago

CAG pegs Andhra Pradesh’s off-budget borrowings at ₹86,260 crore in 2020-21

The Hindu  

The Comptroller and Auditor General of India, in its State Finances Audit Report for the Financial Year 2020-21, said that the State government had a liability for off-budget borrowings amounting to ₹86,260 crore, which was not disclosed appropriately in its budget documents. Revenue receipts The CAG mentioned that the State witnessed a 5.50% increase in revenue receipts during the year …

CAG indicts Modi govt for masking fiscal, revenue deficits
6 years ago

CAG indicts Modi govt for masking fiscal, revenue deficits

Live Mint  

New Delhi: India’s national auditor has criticized the Narendra Modi government for borrowing through off-budget channels to finance capital and revenue spending in 2016-17, a practice that masks the true extent of fiscal and revenue deficits. In its audit report on Compliance of the Fiscal Responsibility and Budget Management Act, 2003 for fiscal 2016-17, CAG said that in terms of …

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