The borrowing limit for states hiked to 5%

The borrowing limit for states hiked to 5%

For few days State governments are urging the center to allow them to borrow more from the market to bring the much-needed financial resources at this crucial time. Finance Minister on Sunday Press meet said that borrowing limits for States were increased from 3% to 5% of gross state domestic product(GSDP) for the current fiscal year. This is subject to carrying out specific reforms. This move will allow states to borrow 4.28 trillion at a crucial time like these. Both center and state governments are struggling with cash flows with economic activity are stagnated following the nation’s wife lockdown and states are facing a more acute cash crunch. As they are at the forefront of the battle against this pandemic. For few days State governments are urging the center to allow them to borrow more from the market to bring the much-needed financial resources at this crucial time. For few days State governments are urging the center to allow them to borrow more from the market to bring the much-needed financial resources at this crucial time.

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