Tamil Nadu government plans to borrow ₹45,000 crore in Q4 2024-25
The Hindu
Tamil Nadu plans to borrow ₹45,000 crore in Q4 2024-2025, raising funds through State Development Loans. Repayment details included.
Tamil Nadu government plans to borrow ₹45,000 crore in the fourth quarter of fiscal 2024-2025, as per the indicative market borrowings schedule of States’ released by the Reserve Bank of India (RBI).
States including Tamil Nadu raise funds through issue bonds known as State Development Loans (SDLs). The auction for the bonds is conducted by RBI. The bonds are issued for various tenures and States have to repay the principal along with interest on maturity.
Till the first half in 2024-2025, Tamil Nadu has raised ₹50,000 crore through issue of SDLs, as per RBI data. After adjusting for repayments, the State’s net borrowing was ₹34,625 crore, it said.
The Union government fixes borrowing ceiling for States. The borrowing ceiling is 3% of the projected Gross State Domestic Product (GSDP) from 2023-24 onwards. An additional borrowing of 0.5 per cent of GSDP for a period of four years from 2021-22 to 2024-25 on fulfilment of Power Sector Reforms.
SDLs form a major part of Tamil Nadu’s outstanding liabilities.
As per the RBI report titled “State Finances: A Study of Budgets of 2024-25”, Tamil Nadu had an outstanding liabilities of ₹5,96,619.2 crore from issue of SDLs as at the end of March 31, 2024. This is estimated to increase to ₹6,87,034.3 crore as at the end of March 31, 2025.
₹2,03,447.14 crore or 34.1% of the outstanding amount is coming up for repayments in 1-5 years, it said. 29.2% of the outstanding amount is coming up for redemption in 5-10 years time frame, while 19.7% is coming up for redemption in over 20 years time frame, it said.
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