The Tamil Nadu government plans to borrow ₹29,000 crore in the second quarter (July-September) of 2022-23, according to details released by the Reserve Bank of India (RBI). In the second quarter of the previous year, the State had borrowed ₹15,000 crore. According to the RBI data, Tamil Nadu borrowed ₹8,000 crore in the first quarter of 2022-23. It had planned to borrow ₹23,500 crore in the April-June period. The States borrow from the market through the auction of bonds known as the State Development Loans (SDLs). According to ratings firm ICRA Ltd., 18 States and Union Territories had raised ₹1,10,200 crore in the first quarter of FY2023, nearly 42% lower than the indicated amount of ₹1,90,200 crore. It was also 23.7% lower than the year-ago level of ₹1,44,600 crore. It pointed out that the lower borrowing reflected the States' comfortable cash flow position, driven by a highly back-ended release of the tax devolution in FY2022, as well as the changes in the borrowing permission granted for FY2023 by the Centre to the States. The Centre has allowed the States to borrow 3.5% of their Gross State Domestic Product in 2022-23. An additional 0.5% is allowed on fulfilment of power sector… Read full this story
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