Guwahati, March 11: Assam Chief Minister Himanta Biswa Sarma, on Tuesday, addressed the Assembly, reaffirming the state’s strong financial position and defending the government's approach to debt and wealth creation.

Sarma said that Assam's financial model is not only sustainable but also strategically designed to secure the state’s future wealth.

Speaking on the floor of the Assembly, the Chief Minister explained that 50% of the state’s debt is being used for wealth creation, ensuring future economic benefits.

He highlighted that Assam’s financial health is backed by robust assets, which include profitable public sector undertakings and strategic investments.

"In terms of net worth, Assam's 17 public sector undertakings are collectively valued at Rs 40,000 crore. We have a significant investment in Numaligarh Refinery (NRL) worth Rs 6,500 crore, and deposits of Rs 7,467 crore in the Reserve Bank of India, alongside other investments like Rs 7,467 crore in the Chief Minister Samagra Gramya Unnayan Yojana. Altogether, Assam has financial assets worth Rs 58,000 crore, which can be encashed at any time,” he said.

Assam Legislative Assembly (Photo: @CMOfficeAssam/ X)

Sarma added that these assets were created during the tenure of the current BJP government. "These were not there during the time of the previous government. All this wealth has been created under the BJP regime," he stated.

The Chief Minister also highlighted the government's plans for further wealth expansion in the current financial year.

“We will deposit an additional Rs 1,000 crore in the Reserve Bank of India and invest around Rs 2,200 crore in NRL. We are committed to creating wealth for the future of Assam," Sarma said.

In terms of economic growth, the Chief Minister noted that Assam is outperforming the national average. “In 2015-16, Assam's growth rate was 11%. By 2021-22, it surged to 19%, and this year, we expect a growth rate of 15%, higher than the national growth rate of 9-10%,” he added.

The Chief Minister’s remarks come amid increasing opposition criticism over the state’s alleged rising debt.

The Opposition has repeatedly questioned the sustainability of Assam’s debt, highlighting concerns over interest payments and outstanding liabilities.

Earlier in October 2024, Congress leader Ripun Bora had accused the BJP government of accumulating a debt of Rs 85,980 crore in the last three years, bringing the total borrowings of the state to Rs 1,52,000 crore.

Sarma, however, has remained firm in his stance, highlighting that the state’s financial strategy is geared toward long-term growth and prosperity.