Only four states across the country, including Gujarat, have recorded a low debt ratio compared to the previous fiscal, stated a recent report of the National Council of Applied Economic Research (NCAER).
Among these states, Gujarat witnessed the highest decrease in its public debt-to-Gross State Domestic Product (GSDP) ratio at 4.5% — in the last 10 years — compared to the other three states which are Maharashtra (-0.8%), West Bengal (-1%)and Odisha (-1.5%). The think tank focussed on 21 largest states that collectively accounted for 96 % of total population and 95% of national GDP.
Chief Minister Bhupendra Patel, in a post on X said that this was a “testament to robust financial management and fiscal prudence by the Government of Gujarat under the visionary guidance of Hon’ble PM Shri Narendra Modiji”.
According to the report titled ‘State of the States: Federal Finance in India published’ by the NCAER, Gujarat recorded its debt-to-GSDP ratio fall from 18.9% in 2022-23 to 18.2% in 2023-24.