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The Hindu
The Hindu
National
Sanjay Vijayakumar

Tamil Nadu top borrower in Fiscal 2023; most borrowing went towards capital expenditure

Tamil Nadu CAG

Tamil Nadu ended fiscal 2022-23 with gross market borrowings of ₹87,000 crore and was the top borrowing State. However, analysts pointed out that the quality of borrowing improved as it was channelised towards capital assets.

As per the data from Reserve Bank of India (RBI), Tamil Nadu’s gross market borrowings were at the same level as 2021-22. Tamil Nadu was the top borrowing State in terms of gross borrowings in 2022-23, followed by Maharashtra (₹72,000 crore), West Bengal (₹63,000 crore), Andhra Pradesh (₹57,478 crore) and Uttar Pradesh (₹55,612 crore).

States, including Tamil Nadu, borrow from the market through auction of bonds known as State Development Loans (SDL). As per the preliminary unaudited provisional figures from the Comptroller and Auditor General of India (CAG), the State’s tax revenue increased nearly 18 per cent to ₹1,88,953.57 crore in 2022-23 from ₹1,60,324.66 crore in 2021-22.

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