Debt burden: The total liabilities of the government increased to 133 lakh crores, crude oil increased the burden
Debt Burden
Highlights
- Total liabilities stood at Rs 128.41 lakh crore in the December, 2021 quarter
- Rising crude oil prices hit 10-year government securities yields
- Production of eight basic industries grew by 18.1 percent during May 2022
Debt burden: The total liabilities of the government increased by 3.74 per cent to Rs 133.22 lakh crore in the January-March 2022 quarter from Rs 128.41 lakh crore in the previous December, 2021 quarter. According to the latest report on Public Debt Management, the total liabilities of the government, including liabilities under ‘public account’, increased to Rs 1,33,22,727 crore at the end of March 31, 2022. The total liabilities were Rs 1,28,41,996 crore a year ago. In the report released on Thursday, the Finance Ministry said that public debt was 92.28 percent of the total outstanding liabilities at the end of March 2022. The ratio stood at 91.60 per cent at the end of December, 2021. simultaneously
Crude oil increased burden
The report said that crude oil prices also remained at higher levels in the fourth quarter. Higher crude oil prices impacted 10-year government securities yields in the domestic market. In terms of ownership of government securities, it said the share of commercial banks stood at 37.75 per cent at the end of March quarter as against 35.40 per cent at the end of December, 2021. The share of insurance companies and provident funds stood at 25.89 per cent and 4.60 per cent, respectively, at the end of March. At the same time, the share of mutual funds was 2.91 percent while that of RBI was 16.62 percent.
Relief: Production of basic industries increased by 18.1%
The production of eight core industries has increased by 18.1 percent during May, 2022 as compared to the same month a year ago. This information has been received from official figures released on Thursday. In April 2022, the output of eight core sectors such as coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity grew by 9.3 per cent. According to the data, production of coal, crude oil, refinery products, fertilisers, cement and electricity grew by 25.1 per cent, 4.6 per cent, 16.7 per cent, 22.8 per cent, 26.3 per cent and 22 per cent, respectively, in May. Besides, natural gas and steel production growth slowed to 7 and 15 per cent, respectively, in May. Natural gas production grew by 20.1 percent and steel production by 55.2 percent in May 2021.
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