The debt of Jammu and Kashmir government rose to Rs. 40,265 crore in 2012-13, the Comptroller and Auditor General (CAG) of India has said, adding the state had Rs. 32,000 as per capita liabilities.
It said the fiscal liabilities constitute nearly 53 per cent of the State's GSDP.
"The overall fiscal liabilities of the government increased from Rs. 31,272 crore at the end of March 31, 2011 to Rs. 36,267 crore by the end of March 31, 2012 and Rs. 40,265 crore by the end of March 31, 2013", CAG report on state finances for the year ended March 31, 2013, said.
As per the percentage of the Gross State Domestic Product (GSDP), the stock of accumulated fiscal liabilities have been recorded at the mark of 52.9 percent at the end of 2012-13, it said.
At the end of 2012-13, the accumulated liabilities were 1.54 times of the government's revenue receipts during 2012-13 and 5.04 times of government's own tax and non-tax revenues during the same year, the CAG report said.
The report, which was recently tabled in the state legislature during the last budget session, further said that the burden of public debt and other liabilities constitute Rs. 32,000 per capita liabilities in the state.
It further said that increase in the per capita liabilities from year to year signifies rising debt burden on the state and individual persons.