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Centre allows Rs 9,913 cr additional borrowing by 5 states
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SME Times News Bureau | 24 Sep, 2020
The Department of Expenditure, under the Finance Ministry, has granted
five states permission to raise additional financial resources of Rs
9,913 crore through open market borrowings.
The states are Andhra Pradesh, Telangana, Goa, Karnataka and Tripura.
"This
permission has been accorded after these states successfully met the
reform condition of implementation of One Nation One Ration Card
System," an official statement said.
The additional borrowing
grants permitted for Andhra Pradesh, Telangana, Karnataka, Goa, and
Tripura are Rs 2,525 crore, Rs 2,508 crore, Rs 4,509 crore, Rs 223 crore
and Rs 148 crore, respectively.
In view of the unprecedented
Covid-19 pandemic, the Central government had, in May, allowed an
additional borrowing limit of up to 2 per cent of Gross State Domestic
Product (GSDP) to the states for the year 2020-21. This made an amount
up to Rs 4,27,302 crore available to the states.
One per cent of
this is subject to implementation of four specific State level reforms,
where weightage of each reform is 0.25 percent of GSDP -- implementation
of One Nation One Ration Card System, ease of doing business reform,
urban local body/ utility reforms and power sector reforms.
The
remaining additional borrowing limit of one per cent was to be released
in two instalments of 0.50 per cent each, first immediately to all the
states as untied, and the second on undertaking at least three out of
the four mentioned reforms.
The Centre has already granted
permission to states to raise the first 0.50 per cent as open market
borrowings in June. This made an additional amount of Rs 1,06,830 crore
available to the states.
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