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Conditions for increasing borrowing limits not fair: Kerala CM

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Conditions for increasing borrowing limits not fair: Kerala CM
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Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan on Monday expressed his displeasure at the way certain conditions have been set when Union Finance Minister Nirmala Sitharaman raised the borrowing limits of states from 3 per cent to 5 per cent of GDP for financial year 2020-21.

"The Centre is borrowing 5.5 per cent of the GDP but when it came to states, conditions are being placed. This is against the federal structure and is not fair," said Vijayan.

He said currently states can borrow only three per cent and were the first to demand hike in the borrowing limit to 5 per cent.

"To increase the borrowing limit from 3 to 3.5 per cent, is allowed for all, with no conditions. But from 3.5 to 4.5 per cent there have been four conditions. This is not acceptable , anyway we are awaiting for more details on it," said Vijayan and added that if conditions are being set then Kerala will only be able to borrow Rs 4,500 crore.

He also pointed out that hiving off public sector enterprises and limiting key sectors is not going to strengthen the country in any way and Kerala will not toe such a line.

"From the Rs 20 lakh crore financial package that has been announced not even 5 per cent of it is reaching the people, while Rs 1.5 lakh crore have been given as tax relief for corporates. Still there is no word on the allocation for public health," said Vijayan.

 

 

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