Tamil Nadu plans to borrow ₹24,000 crore in first quarter of 2023-24
The Hindu
he Tamil Nadu government plans to borrow ₹24,000 crore in the first quarter of 2023-24, according to the indicative calendar of market borrowings of State governments and Union Territories released by the Reserve Bank of India (RBI).
The Tamil Nadu government plans to borrow ₹24,000 crore in the first quarter of 2023-24, according to the indicative calendar of market borrowings of State governments and Union Territories released by the Reserve Bank of India (RBI).
Overall borrowings of State governments and Union Territories are expected be ₹1,99,950 crore in the April-June 2023 period. States borrow from the market through issue of bonds known as State Development Loans (SDLs) to fund their deficit.
According to ratings firm ICRA Ltd, Maharashtra has indicated the highest borrowing of ₹25,000 crore, followed by Tamil Nadu at ₹24,000 crore and Andhra Pradesh at ₹20,000 crore. These three States account for the 35% of the total issuance.
Tamil Nadu’s indicated borrowing of ₹24,000 crore is higher than the ₹8,000 crore it borrowed in the first quarter of 2022-23, ICRA said. It also pointed out that the borrowings of States in the first quarter of 2022-23 were impacted by changes in the borrowing guidelines for fiscal 2022-23 by the Centre.
In his budget speech last month, Tamil Nadu Finance Minister Palanivel Thiaga Rajan said the State government was planning to borrow ₹1,43,197.93 crore during 2023-24 and make repayment of ₹51,331,79 crore, resulting in net borrowings of ₹91,866.14 crore. In the Budget Estimates for 2023- 24, the Fiscal Deficit is estimated at 3.25% of Gross State Domestic Product (GSDP).
The 15th Finance Commission has permitted States to maintain the ratio of Fiscal Deficit to GSDP as 3.0% in 2023-24 and 2024-25. It has provided an additional space of 0.5% of GSDP during 2021-22 to 2024-25 on fulfilment of required Power Sector Reforms.
In fiscal 2022-23, Tamil Nadu’s gross borrowing was ₹90,000 crore. The net borrowing till January was ₹42,003 crore. States are also allowed to carry forward the remaining borrowing ceiling from previous year.
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