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11 states meet Q1 capex target, get to mobilise Rs 15,721 Cr
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SME Times News Bureau | 14 Sep, 2021
Eleven states have achieved the capex target set by the finance ministry
in the 1st Quarter of 2021-22 thereby getting permission to borrow an
additional amount of Rs 15,721 crore as an incentive.
The 11
states include Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Kerala,
Madhya Pradesh, Manipur, Meghalaya, Nagaland, Rajasthan and Uttarakhand.
The
additional open market borrowing permission granted to states under the
programme is equivalent to 0.25 per cent of their Gross State Domestic
Product (GSDP). Additional financial resources thus made available will
help the States in pushing their capital expenditure further, the
finance ministry said in a statement.
The capital expenditure has
a high multiplier effect, enhances the future productive capacity of
the economy, and results in a higher rate of economic growth.
Accordingly,
out of the net borrowing ceiling (NBC) of 4 per cent of GSDP for the
States for 2021-22, 0.50 per cent of GSDP was earmarked for incremental
capital expenditure to be incurred by the States during 2021-22. The
target for incremental capital expenditure for each state to qualify
for this incremental borrowing was fixed by the Department of
Expenditure.
To become eligible for incremental borrowing, States
were required to achieve at least 15 per cent of the target set for
2021-22 by the end of 1st quarter of 2021-22, 45 per cent by the end of
2nd quarter, 70 per cent by the end of 3rd quarter and 100 per cent by
March 31, 2022.
Next review of Capital expenditure of States will
be undertaken by the Department of Expenditure in December, 2021. In
this round, capital expenditure achieved by the States till September
30, 2021 will be assessed. Third review will be done in the month of
March, 2022 on the basis of capital expenditure incurred by the State
during the first three quarters of the year 2021-22.
The capital
expenditure-linked borrowing ceiling of 0.50 per cent of GSDP will be
allowed to those States who will achieve actual capital expenditure of
at least 45 per cent of the target by September 30, 2021 or 70 per cent
of the target by December 31, 2021.
There would be a final review
of actual capital expenditure by the States in the month of June, 2022.
Any shortfall/deficiency in actual capital expenditure for the year
2021-22 by the State in comparison with the targeted capital expenditure
for the year 2021-22, will be adjusted from the borrowing ceiling of
the State for the year 2022-23.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 18 Oct, 2021 |
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