Centre allows States to mobilize a sizable amount to meet revenue Shortfall

NewsDesk    14-Oct-2020
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As per the PIB report The Department of Expenditure, Ministry of Finance GOI has granted permission to 20 states to raise an additional 68,825 crores of rupees through open market borrowings to meet the revenue shortfall.
In a GST Council meeting held on 27th August 2020, two options were put forward and were subsequently communicated to the States on 29th August 2020.
Twenty States have given their preferences for Option-1. These states are - Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, Uttar Pradesh and Uttarakhand, as reported by PIB.
Out of the total Rs 68,825 crore, Assam has been allowed to borrow Rs 1,869 crore, Arunachal Pradesh Rs 143 crore, Manipur Rs 151 crore, Meghalaya Rs 194 crore, Mizoram Rs 132 crore, Nagaland Rs 157 crore and Tripura Rs 297 crore.