The KMC budget has spelt out that there is a deficit of Rs 177 crore in the year 2022-23 since the expenditure estimate is Rs 4,410.11 crore while the revenue target is Rs 4,233.11 crore. However, what now looms over the civic body is a cumulative deficit of Rs 2,423.70 crores. This amount, as per the budget statement, may increase to a cumulative deficit amount of Rs 2,600.70 crore
In the 2022-23 budget, though the total expenditure estimate is Rs 4410.11 crore, the civic body seeks to clock a revenue of Rs 4233.11 crore, leaving a deficit of Rs 177 crore in the upcoming fiscal year from April. The budget statement also highlighted that the coming financial year opens with a cumulative deficit of Rs 2,423.70 crore – a considerable amount that had raised hue and cry recently, when the issue of non-payment of pension to KMC retired employees, due to shortage of funds, came to the fore.
The rapidly growing indebtedness of governments and mounting non-performing assets of banks, mostly in the public sector, both of which…
