Sunday, July 25, 2021

PM Modi says, Indian states were able to borrow significantly more in 2020-21 even though financial crunch was seen across world

Prime Minister Narendra Modi today said Indian states were able to borrow significantly more in 2020-21 even though a financial crunch was seen across the world. In a blog post in LinkedIn, Mr Modi said states were able to raise an extra Rs 1.06 lakh crore in 2020-21. He said this significant increase in availability of resources was made possible by an approach of Centre-State bhagidari.

In May 2020, as part of the Aatmanirbhar Bharat package, the Government announced that states would be allowed enhanced borrowing for 2020-21. Mr Modi said an extra 2 per cent of GDP was allowed, of which one per cent was made conditional on the implementation of certain economic reforms.

He said this was a nudge, incentivising the states to adopt progressive policies to avail additional funds. He added that the results of this exercise are not only encouraging but also run contrary to the notion that there are limited takers for sound economic policies.

The Prime Minister said the four reforms to which additional borrowings were linked had two characteristics. Firstly, each of the reforms was linked to improving the Ease of Living to the public and particularly the poor, the vulnerable, and the middle class. Secondly, they also promoted fiscal sustainability.

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