Maharashtra to float Rs 2,000 cr loan to fund development projects

25 May 2022 CW Team

The Maharashtra government, which has a debt projection of Rs 6.5 lakh crore, has decided to float a loan of Rs 2,000 crore to fund development projects in the state.

A senior official told the media that the public borrowings take place throughout the year. The public notices are issued, so the government is conscious of the most competitive interest rate. The state's post-Covid revival strategy is to enhance public spending to boost demand.

The state budget, tabled in March, had projected borrowings for 2022-23 to be an assessed Rs 89,768 crore. The state budget had projected a revenue deficit of Rs 24,352 crore. The government's revival is likely to lead to higher borrowings and debt but also greater capital expenditure, which is assumed to be growth-oriented.

The state finance department told the media that all the loans taken from the Government of India (GoI) and other sources are being primarily used for the creation of the productive asset or advancing loans for productive programmes to bodies.

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Also read: IREDA approves Rs 14,445 cr loans for RE projects in Maharashtra

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