PANJIM: Goa’s financial position continues to crumble as the government notified an auction of Rs 381 crore securities that will take place at Reserve Bank of India on Tuesday. With this, government borrowing will touch Rs 681 crore in just the last one and half month.
In a notice issued, Finance Secretary Daulat Hawaldar said that as a part of Government of India’s approved planned borrowing for the State for the year 2019-20, the government of Goa has offered to sell Goa State Government Stock (securities) of 10-year tenure for an aggregate amount of Rs 381 crore.
Earlier on November 19, the government had sold securities of Rs 200 crore, while another Rs 100 crore worth stock was auctioned on December 11.
Chief Minister Dr Pramod Sawant is on record admitting that the State’s financial position is not very sound and that the government is making several efforts to improve the same.
The lack of finances has also resulted in limited or in some cases no developmental works taking place. The ruling MLAs had recently raised apprehensions on the lack of development before the Chief Minister.
The closure of the iron ore mining industry since March 2018, has taken the biggest toll on the State’s finances, with a direct revenue loss of around Rs 3,000 crore to the State exchequer.
