Team Herald
PORVORIM: The State governments’ market borrowings have raised sharply so far during the current financial year as they struggle to tackle the COVID-19 led financial constraints. For the current fiscal, till December 2020, the State’s total borrowing from various sources stood at Rs 2,532 crore, with three months still to go for the financial year to culminate.
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The information was provided by the Chief Minister Pramod Sawant to the State Legislative Assembly, wherein it was also informed that Rs 2,354 crore worth security stocks were auctioned to raise funds for the current FY. These are basically market loans.
Cumulatively, the States have raised Rs 2,532 crore via market borrowings through various institutions, central agencies, banks and other sources from April 2020 to December 2020.
For the Financial Year 2019-20, the total borrowings were at Rs 2,699.95 crore.
Apart from market loan, the State has borrowed Rs 126.49 crore from National Bank of Agriculture and Rural Development (NABARD), Rs 53.08 crore from EAP and Rs 8.63 lakhs from National Cooperative Development Corporation (NCDC).
Sawant said that the loans were availed for various developmental works, ongoing as well as completed.
Further, the CM informed that as on December 31, 2020, the State’s total debt stands at Rs 18,844 crore.
“The financial position of the State is as per prescribed norms set in Fiscal Responsibility and Budget Management Act,” Sawant told the House.
He said that the government is yet to receive an amount of Rs 1998.63 crore from the Central government towards GST compensation; while an amount of Rs 713.17 crore has been received so far.
