The State Government has decided to raise ₹13,000 crore through open market borrowings during the January-March last quarter of the current financial year.
Accordingly, the Government proposed to raise ₹4,000 crore in January, ₹3,000 crore in February and another ₹6,000 crore in March. The Government raised ₹42,551 crore through OMBs in the first nine months of the current fiscal and the proposed market borrowings would take the total for the financial year to around ₹55,500 crore.
The State Government has opted for raising the loans in spite of the restrictions imposed by the Union Finance Ministry on the borrowings. The Union Ministry, in response to a query, clarified that no restrictions had been imposed on the State and it would adopt a common yardstick for all States while granting them permission under Article 293(3) of the Constitution for borrowing from the open market and other sources.
