By Admin 
Bihar Assembly Elections: Preparations for Bihar Assembly elections are in full swing. The first phase of voting is to be held on November 6 and this voting will be done on 121 seats. With this, candidates will have time till October 17 to file nominations. Also, scrutiny of nomination papers will take place on October 18. Those who want to withdraw their nomination will have to do so by October 20. As election excitement is increasing in the state, discussions have started on governance, development and finance. Meanwhile, today we will know how much is the government debt of Bihar and how much debt is actually owed by each resident.
Bihar’s government debt and per capita burden
The total debt of Bihar government has crossed Rs 3.02 lakh crore. This is more than the budget of Rs 3.16 lakh crore presented this year. According to the Union Finance Ministry, Bihar’s debt in March 2024 was approximately Rs 3.19 lakh crore. If we talk about Bihar Caste Census 2023, then according to it the total population of the state is around 13 crores. According to this, the loan per person is more than Rs 24000. The thing to note is that these are the figures of Caste Census 2023. This means this year this debt may be even higher. Meanwhile, the government has announced five major election schemes which are estimated to increase the financial liability of the state by Rs 10,000 crore annually.
Spending on development and infrastructure
However, all this money has been used on infrastructure and public welfare projects. ISRO’s Hariya data shows that night light, a measure of development derived from satellite observations, has increased 47% across the country in the last decade. In Bihar alone this increase has been a remarkable 400%. This means that government investment has been made in infrastructure, power and urban development. These figures show that despite increasing debt, the government has tried to invest in developmental initiatives.
How can debt be reduced?
To get rid of the increasing debt, Bihar needs to increase the revenue collection of its state very carefully. Income tax, withholding tax, stamp duty and registration can be streamlined through a single window system. Not only this but encouraging private sector development can generate additional revenue.
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