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‘Despite in debt,state govt won’t hesitate to borrow more for growth’

State Finance Minister Vaju Vala on Friday said government would not hesitate to borrow more for development requirements of the state even though Gujarat’s public debt was more than Rs 1.24 lakh crore.

Written by Express News Service | Vadodara | September 29, 2012 4:13:39 am

State Finance Minister Vaju Vala on Friday said government would not hesitate to borrow more for development requirements of the state even though Gujarat’s public debt was more than Rs 1.24 lakh crore.

“If we owe some debt,it’s fine and we shall not deter from incurring more debt for development of the state. We are spending money on supplying electricity to villages,water to farmers,facilities in urban areas and for education and we are paying interest on debt regularly,” Vala said.

He was speaking at a function organised to inaugurate e-liberary and sports centre in Industrial Training Institute in Tarsali on the outskirts of the city.

“During the 10-year reign of the Narendra Modi government,it has spent Rs 1,75,500 crore and the money has been spent meaningfully,” Vala said.

As of March 31,the state’s debt stood at Rs 1,24,580 crore,around 22 per cent of Gujarat’s GDP and more than Rs 20,00 per capita. It is projected to reach Rs 1,81,956 crore by 2014-15.

The government is paying more than Rs 1,000 crore in interest on debt which mainly includes borrowing from open market,National Social Security Fund,Central government loans and institutional loans.

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