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Union Finance Secretary Ajay Seth on Friday said that the levels of capex by states are currently low and this needs to be improved. He also said that some state governments are finding ways to finance current expenditure instead of investing for future.

"We have to be agile amidst global uncertainties. We can't sit idle. Our economy is resilient , ready to take any challenge. Current level of public debt is elevated. That needs to moderate. Our capacity to tackle another COVID like event remains limited," said Seth at ICPP growth conference event.

"Current level to tax to GDP ratio is low. We need to aspire to reach 20%, that may take 5-6 years. Credit Rating Agencies look at debt to GDP ratio. Therefore, moderating the current debt levels is critical. In states, off-Budget borrowings have come down significantly," he added.

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