The state cabinet on Wednesday granted approval to the Goa Fiscal Responsibility and Budget Management (Amendment) Bill,2022, which is aimed at increasing the states borrowings by 1% of the gross state domestic product (GSDP) for the financial year 2022-2023. The 1% increase will allow the state to borrow up to 4% of the GSDP.
The bill will be introduced in the monsoon session of the state assembly.
The state GSDP is approximately Rs 90,000 crore.
With this amendment, the can borrow a maximum of Rs 3,600 crore.
In the financial year 2021-2022, the state government borrowed around Rs 2,700 crore through
As per the Union finance ministry, the state can carry forward the unutilised borrowing to the subsequent financial year.