The Gujarat government has announced to sell its stock securities,worth Rs 1,000 crore,with a holding period of 10 years to fund development programmes included in its annual development plans for 2013-14.
The auction will be conducted by the Reserve Bank of India at its Mumbai office on October 8,Gujarat finance department joint secretary Rajesh Manjhu said in a statement issued on Saturday.
The Gujarat governments public debt liabilities has aggregated to Rs 1,38,978 crores as on March 13,2013. According to the state government,the debt is utilised for the states development and in the creation of productive assets.
According to the finance department release,the state government,besides debt liabilities,has extended guarantees on behalf of government-owned entities and various statutory bodies of the government. The government,according to the release,has projected a revenue surplus of Rs 4,602 crore for the financial year 2013-14. With stringent financial and administrative measures,the government has reduced its outstanding guarantees to Rs. 6,388 crores as on March 31,2013 from the level of Rs. 19,001 crore at the end of 2002-03.