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States » NorthPosted at: Aug 12 2022 5:11PM


HP introduces Bill to enhance state's borrowing limit

Shimla, Aug 12 (UNI) Himachal Pradesh Government introduced a bill in the state assembly to enhance the borrowing limit of state government from three per cent of state GDP to four per cent by amending Himachal Pradesh Fiscal Responsibility and Budget Management Act 2005.
Chief Minister Jai Ram Thakur who holds the portfolio of finance said the state FRBM bill was to regularise the additional borrowing of two per cent of GDP during the financial year 2020-21 by the state.
He said actual receipts of taxes declined during 2020-21 because of COVID - 19 pandemic due to which receipts of share of States in Central taxes also got affected. '' Due to the decline in Goods and Services Tax Compensation, the Central Government has allowed additional borrowing of 2 percent of GDP in the financial year 2020-21.
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