Karnataka moves to amend fiscal Act to facilitate borrowing of up to 5% of GSPD
September 16, 2020 2:24:04 am
Karnataka Leader Minister B S Yediyurappa. (Document Picture)
The Karnataka govt has determined to amend the Karnataka Fiscal Duty Act, 2002 right through the impending consultation of the state legislature to facilitate borrowing to the level five consistent with cent of the gross state home produce (GSDP) to conquer earnings shortages incurred right through the Covid-19 disaster.
The verdict to switch the Act from the sooner GSDP of three consistent with cent used to be taken at a Tuesday assembly of the state cupboard headed through Leader Minister B S Yediyurappa, who additionally holds the finance portfolio. The adjustments in borrowing limits imposed at the state will allow the state to borrow an extra Rs 33,000 crore wanted for construction paintings right through the present fiscal, state Legislation Minister J C Madhuswamy mentioned.
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