PANJIM: The State Cabinet on Wednesday approved issuing an ordinance for additional borrowing of Rs 446 crore from the open market, as permitted by the Centre, to meet the Goods and Service Tax (GST) shortfall.
Addressing media persons post the cabinet meeting, Chief Minister Dr Pramod Sawant said that Centre has permitted Goa to borrow an additional Rs 446 crore from the open market at 2 per cent interest rate. “The Cabinet has approved issuing of an ordinance in this regard,” he said.
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In another decision, the Cabinet approved the amendment of Rules of Establishment of Contractors in Public Works Department (PWD) and Water Resources Department (WRD). “The move is basically to give a boost to local contractors. This will also create entrepreneurship with more locals getting into the business of contractors,” he said.
Further, the cabinet also approved to transfer 98,000 sq mtrs of land, earmarked for the Convention Center from Info Tech Corporation to the Finance Department, since the project is to be taken up under the public private partnership (PPP) mode.
