Shimla, Feb 21 (IANS): Himachal Pradesh's public debt is a whopping Rs.20,765 crore in 2012-13 and it increased by over Rs.5,000 crore in five years, the Comptroller and Auditor General of India (CAG) said Friday.

During 2012-13, seven loans totalling Rs.2,360 crore were raised from the open market at interest rates varying from 8.42 percent to 8.92 percent.

These are redeemable between 2016-17 and 2022-23, said the CAG's report on State Finances for the year ending March 31, 2013, tabled in the assembly.

In addition, the state government raised loans of Rs.408 crore from the financial institutions and Rs.471 crore from the National Small Savings Fund.

Thus, the total internal debt raised by the government in 2012-13 aggregated to Rs.3,239 crore.

The government also received Rs.132 crore from the central government as loans and advances.

The debt from 2008-09 to 2012-13 increased from Rs.15,427 crore to Rs.20,765 crore, the CAG said.

Tourism, horticulture and hydropower generation are major contributors to the state's economic development.