The State Government’s financial condition in distributing salaries of serving and retired personnel is in dire state. A loan from the market is being taken again this month. The government will take a loan of 300 crore.
Total market loan figure reaching Rs 5000 crore
With this, only the market’s debt figure is reaching Rs 4750 crore. Before the month of December, there is a lot of pressure on the government’s head when it comes to borrowing more than the fixed limit. Because of this, the government is unable to mobilize the courage to pay the seventh pay scales. On the other hand, the Center has extended the limit of debt taken from the market while providing relief. The State Government will be able to get Rs. 2400 crore and loans till the end of the current financial year ie March.
The merger of debt has become a serious problem for the state government. The burden of the salaries of personnel between the resource-limited and the slow pace of income-raising measures is increasing year after year. Due to the increasing burden of wages, honorarium, pension, the state government has to bear the debt from the market in the first month of this financial year ie from April. For the eighth month i.e. November 13, a loan of 300 crore has been taken. Now 300 crore loan is being taken. With a total of 600 loans this month, the debt from the market will increase to 4750 crore.
It is noteworthy that the central government had allowed only 4,500 crore loans from the market. But the debt problem has become so severe for the state that the state government has already crossed the sanctioned limit. In such a situation, the state government was waiting permission for more loans.
The Center has given relief to the State and has raised the debt limit of 2400 crore loan from the market by the end of the financial year. In this connection, the letter of the central government has been received by the state. Finance Secretary Amit Negi confirmed the receipt of the letter from the central government.
Even if the state government is compelled to take loans, but the government is not being regular in giving interest and installments of loans. However, for the state, the limit of the first Rs 7034 crore annual loan has been set. In this, the market debt was limited, while the loan amount received from NABARD as other loans and the amount provided in the form of loans in external aid schemes is also included in the above limit.