surplus of Rs 7,697 crore, while the fiscal deficit, estimated to be around Rs 17,611 crore, works out to 1.93 percent of the GSDP (Gross State Domestic Product), far below the permissible FRBM (Fiscal Responsibility and Budget Management) limit of three percent. The GSDP of Gujarat (at current prices) stands at Rs 6,70,016 crore for the year 2012-13.
The public debt of the Gujarat government that currently stands at Rs 1.38 lakh crore is expected to increase to 1.53 lakh crore with the net addition of Rs 15,000 crore in 2013-14.
"The advance estimates for 2013-14 show improvement in public debt to GSDP ratio by 0.5 percent. Fiscal deficit to GSDP ratio improved by 0.47 percent than budget estimates for 2013-14 which is mainly on account of healthy revenue surplus. This indicates significant improvement in state finances and full adherence to the FRBM norms," stated a release from the state government.