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Government To Give Rs 12,000 Crore Interest-Free 50-Year Loan To States

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Government To Give Rs 12,000 Crore Interest-Free 50-Year Loan To States

Union Finance Minister Nirmala Sitharman on Monday introduced a Rs 12,000 crore 50-year curiosity free mortgage to state governments for spending on capital expenditure initiatives in a bid to the enhance economic system which has been hit laborious by the Covid-19 pandemic. Ms Sitharaman mentioned, out of the Rs 12,000 crore, Rs 1,600 crore can be given to north-eastern states and Rs 900 crore can be for Uttrakhand and Himachal Pradesh every respectively.

The mortgage must be spent totally on new or ongoing capital initiatives, she mentioned including that states can settle payments of contractors and suppliers however all the quantity needs to be paid earlier than March 31, 2021.

She mentioned Rs 7,500 crore can be for the remaining states. Rs 2,000 crore can be given to states that fulfill pre-stated reforms.

The mortgage is over and above borrowing ceilings of the states and the reimbursement can be one bullet cost after 50 years, she added.

The Finance Minister additionally introduced further capital expenditure of Rs 25,000 crore by the central authorities.

This can be along with Rs 4.13 lakh crore budgeted, she mentioned, including that the extra cash can be for spending on roads, defence infrastructure, water provide and concrete improvement.

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