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Tamil Nadu has the highest amount of outstanding debt among all States and Union Territories. The State's outstanding debt stood, as per budget estimates for 2022-23, at ?7.54-lakh crore followed by Uttar Pradesh at ?7.10-lakh crore, as per figues presented in the parliament.
- The Tamil Nadu Debt Relief Act 1982 (Tamil Nadu Act 50 1982) provides for the relief of certain indebted persons in the State of Tamil Nadu from the usurious practices of pawnbrokers, money-lenders and Other non-institutional sources of credit and to give relief from the debts due to such pawnbrokers money lenders ...
Punjab. After Arunachal Pradesh, Punjab has the highest state-wise debt in India.
Ing to the latest data released by the government, Tamil Nadu saw a whopping increase in its debt to ?753,860 crore during 2022-23 (budget estimate), compared to ?656,626 crore debt (revised estimate) during 2021-22.
For instance, Tamil Nadu has budgeted an outstanding debt ?7.26-lakh crore for FY24. This constitutes 25.63 per cent of GSDP in 2023-24, well within the 29.1 per cent for limit set by the Fifteenth Finance Commission.