Costly trade-off: Per capita debt burden at Rs 44,095 in FY15

NEW DELHI: A higher developmental expenditure for improved growth translated into an increase of Rs 2,966 in per capita debt burden at Rs 44,095 in 2014-15.

The corresponding figure for India was at Rs 41,129 in 2013-14.

The debt load comprised external and internal debt and other liabilities, government's provisional accounts showed.

The increase in per capita debt was mostly an outcome of higher developmental expenditure to achieve a better growth rate.

According to International Debt Statistics 2015 of the World Bank, India takes the fourth spot on absolute external debt on a list of 20 developing countries.

The domestic debt service payment in the government account stood at Rs 4.04 lakh crore, Rs 4.85 lakh crore and Rs 5.56 lakh crore in 2012-13, 2013-14 and 2014-15, respectively.

The external debt service payment came in at USD 3.72 million, USD 3.66 million and USD 3.89 million in 2012-13, 2013-14 and 2014-15, respectively.

The total outstanding liability as of March 31, 2015, read Rs 68.95 lakh crore.

However, the government has reverted to the path of fiscal consolidation with a gradual exit from the expansionary measures in a calibrated manner.

The government has announced a fiscal road map to bring down fiscal deficit to 3 per cent by 2016-17 with a reduction of 0.5-0.6 per cent every year.