GUWAHATI: Assam's total debt has increased over ten times in the past decade, rising from ₹2,115 crore in 2011-12 to ₹24,118 crore in 2023-24.
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The data was presented by Finance Minister Ajanta Neog in the state assembly session on Tuesday, March 25, in response to a query by MLA Akhil Gogoi.
With fluctuations over the years, a substantial rise has been seen in the state’s debt accumulation. Under the Congress-led government (before 2016), borrowing patterns were generally inconsistent, with a 134% increase registered in 2014-15, which pushed the debt to ₹6,214 crore. In 2015-16, it further rose to ₹7,206 crore.
Although a slight dip was observed in 2016-17, when debt declined to ₹5,649 crore, borrowings surged after the BJP assumed power in 2016. In 2017-18, the state’s debt further jumped to ₹10,477 crore—an 85% increase from the previous year.
The upward trend continued, with debt rising to ₹14,004 crore in 2018-19 and ₹16,634 crore in 2019-20.
It has been noted that state finances were additionally strained by the Covid-19 pandemic, leading to borrowings of ₹18,806 crore in 2020-21. Though 2021-22 saw a brief decline to ₹16,548 crore, the debt surged again to ₹21,602 crore in 2022-23 and reached ₹24,118 crore in 2023-24.
While the Assam government has often maintained that the state’s debt-to-GSDP ratio is lower than many others, data has instead indicated that it has increased from 18% in 2011-12 to 24% in 2023-24.