the goan I network
PANAJI
The Government of Goa will borrow Rs 100 crore through the sale of Goa Government Stock (Securities) of 10-year tenure for an aggregate amount of Rs 100 crore as it seeks to generate funds for day-to-day operations.
Government stock will be sold through the Reserve Bank of India, Mumbai Office and “the proceeds of the loans will be utilized for financing capital expenditure in connection with the development programmes of the Government of Goa”, according to a notification issued by the government of Goa.
Despite the Opposition crying hoarse against the government’s borrowing, Goa Chief Minister Pramod Sawant has assured that the government’s borrowing was well within the stipulated limits and the existing loans were being serviced on time
“The State government was borrowing even in the past. It was borrowing even 20 years back. There is a certain limit of borrowing and we are not exceeding it,” Sawant had said as recently as September 4.
The government’s borrowings stood at around Rs 20,000 crore as of this year.
