Tamil Nadu ended fiscal 2023-24 with gross market borrowings at ₹1,13,000 crore and emerging the top borrowing State for the fourth successive fiscal year, according to ratings firm ICRA Limited.
Maharashtra stood next with borrowings of ₹1,10,000 crore, Uttar Pradesh at ₹97,700 crore, Karnataka at ₹81,000 crore, Rajasthan at ₹73,600 crore and Andhra Pradesh at ₹68,400 crore, ICRA said in its report.
The States, including Tamil Nadu, borrow from the market by auctioning bonds known as State Development Loans (SDL).