Central Government allows 20 States to raise Rs 68,000 crore for revenue shortfall

Central Government allows 20 States to raise Rs 68,000 crore for revenue shortfall. The Department of Expenditure under the ministry of Finance permitted 20 States to borrow Rs 68,825 crore open market borrowings for GST Shortfall. The central government has also give nod to additional borrowing permission at 0.50 per cent of the Gross State Domestic Product (GSDP).

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Twenty states opted for centre’s option 1 for borrowing and these include Arunachal Pradesh, Andhra Pradesh,Bihar, Assam, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Sikkim, Tripura, Uttar Pradesh and Uttarakhand.

Highlights:

  • According to the Finance Ministry, the projected total compensation shortfall in the current financial year stands at Rs 2.35 lakh crore.
  • The Central Government had given two options to the states — to either borrow Rs 97,000 crore from a special window that was facilitated by the RBI or to borrow Rs 2.35 lakh crore from the market.
  • The Department of Expenditure, had provided an additional borrowing limit of upto 2 per cent of GSDP to the States.
  • The final installment of 0.5 per cent out of this 2 per cent limit was linked to carrying out at least three out of four reforms stipulated by the Government of India.

Related Questions:

  • Who is the Finance Minister of India? – Nirmala Sitharaman
  • Around, how many countries in the world adopted GST? – 160
  • Who is the Minister of State for Finance Ministry? -Anurag Singh Thakur
  • Under which act GST was introduced? – 101
  • Name the first state which implemented the GST? – Assam
  • GST has been implemented under which article of the Indian constitution? – Article 279
  • GST Comes under which amendment bill? – 122

< < Read More Static GK Article 2020 > >

 

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