Chhattisgarh [India], February 13 (ANI): The Annual Accounts of the Government of Chhattisgarh for the fiscal year 2022-23 have been prepared in accordance with the constitutional mandates and legal frameworks, showcasing a comprehensive overview of the state's financial performance and expenditure allocation with 12.35 per cent boost in capital expenditure.

According to a press release, spearheaded by the Principal Accountant General (A&E) under the aegis of the Comptroller and Auditor General of India, these accounts encapsulate the fiscal trajectory and budgetary disbursements of the state government.

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In the fiscal year under review, the gross budget provision for expenditure stood at Rs 1,24,049.19 crore, with actual gross expenditure totaling Rs 1,10,413.01 crore.

There was a net saving of Rs 13,636.18 crore (12.35 per cent) in expenditure, alongside short recoveries of Rs 470.39 crore.

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The Finance Accounts and Appropriation Accounts, integral components of the annual financial audit, shed light on the state's fiscal health and expenditure management.

The budget provisions and actual expenditure delineate the allocation and utilization of funds across various heads. Tax revenue witnessed a surge, reaching Rs 65,480.57 crore, attributing to heightened allocations and increased state's own tax revenue.

Additionally, grants-in-aid from the Central Government surged to Rs 13,148.33 crore, reflecting enhanced financial support and inter-governmental cooperation.

The capital expenditure for the fiscal year amounted to Rs 13,320.30 crore, indicating substantial investments in infrastructure and developmental projects.

Moreover, a revenue surplus of Rs 8,592.11 crore, constituting 1.88 per cent of Gross State Domestic Product (GSDP), underscored prudent fiscal management and revenue generation initiatives.

Despite economic challenges, the state successfully contained the fiscal deficit within the stipulated targets, standing at Rs 4,691.22 crore (1.03 per cent of GSDP).

However, public debt witnessed a marginal increase of 1.25 per cent, reaching Rs 83,950.79 crore, necessitating strategic debt management measures for sustained financial stability.

The investment landscape of the state government, characterized by substantial investments in power companies (Rs 6,641.90 crore) and strategic sectors, underscores its commitment to fostering economic growth and industrial development, read the press release.

Additionally, direct transfers of funds to implementing agencies (Rs 14,636.44 crore) exemplify efficient fund allocation and execution mechanisms.

While the financial accounts reflect commendable achievements and prudent fiscal management, challenges such as excess disbursements and unutilized supplementary grants warrant strategic rectification measures and enhanced oversight mechanisms.

Regularization of excess disbursements and optimal utilization of grants are imperative to ensure fiscal discipline and resource optimization.

The meticulous preparation and presentation of the finance accounts and appropriation accounts underscore the government's commitment to transparency, accountability, and fiscal prudence.

Moving forward, leveraging the insights garnered from the financial audit, the state government is poised to embark on a trajectory of sustainable economic growth, inclusive development, and fiscal resilience. (ANI)

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