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Ease of doing biz reforms: Kerala gets chance to borrow more
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SME Times News Bureau | 13 Jan, 2021
Kerala has become the eighth state in the country to successfully
undertake the "Ease of Doing Business" reform stipulated by the Union
Finance Ministry.
With this, the state has become eligible to
mobilise additional financial resources of Rs 2,373 crore through Open
Market Borrowings.
Permission for the same was issued by the Department of Expenditure on January 12, 2021.
Kerala
has now joined seven other states namely, Andhra Pradesh, Karnataka,
Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana, who have
completed this reform.
On the completion of reforms facilitating
ease of doing business, these eight states have been granted additional
borrowing permission of Rs 23,149 crore.
The ease of doing
business is an important indicator of the investment friendly business
climate in the country. Improvements in the ease of doing business will
enable faster future growth of the state economy.
The government
had in May 2020, decided to link the grant of additional borrowing
permissions to states who undertake the reforms to facilitate ease of
doing business.
In view of the resource requirement to meet the
challenges posed by the Covid-19 pandemic, the Government of India had
on May 17, 2020 enhanced the borrowing limit of the states by two per
cent of their GSDP. Half of this special dispensation was linked to
undertaking citizen centric reforms by the states. The four citizen
centric areas for reforms identified were implementation of 'One Nation
One Ration Card System', Ease of doing business reform, Urban Local
body/utility reforms and Power Sector reforms.
So far 10 states
have implemented the One Nation One Ration Card System, eight states
have done ease of doing business reforms, and four states have done
local body reforms. Total additional borrowing permission issued so far
to the states, which have done the reforms stands, at Rs 56,526 crore.
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