Centre's debt grew slower than GDP: CAG
"Debt sustainability, as measured by the debt sustainability indicator, was positive in 2022-23, which is a positive indicator towards stability," the CAG said in a release.
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The statement comes after the supreme audit institution presented its report on the Centre's compliance of the
Fiscal Responsibility and Budget Management Act
, 2003, in FY23 in the Lok Sabha on Monday.
The Centre's debt-to-GDP ratio increased from 49.34% in FY19 to a peak of 61.38% in FY21, it said, thanks to a pandemic-induced spike in borrowing and contraction in economic output. However, the ratio eased to 57.93% of GDP in FY23 from 58.76% in FY22.
"Public debt repayment to public debt receipts was 89.75% in FY19 but improved in FY23, and debt repaid was 81.22% of debt acquired during the year, freeing up borrowings for productive expenditure," the CAG said in the statement.
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The ratio of interest payments to revenue receipts reached its peak at 38.66% in FY21; it dropped to 33.99% in FY22 and again inched up to 35.35% in FY23.
In a separate report on the railway ministry, the CAG flagged cases of undercharges or overpayments of ₹543.17 crore. The report was presented in the Lok Sabha on Monday.
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