Kerala completes ease of biz reforms, additional borrowing permission granted1 min read . Updated: 13 Jan 2021, 02:21 PM IST
Kerala has become eligible to mobilise additional financial resources of ₹2,373 crore through Open Market Borrowings.
Kerala became the 8th state in the country to successfully undertake “Ease of Doing Business" reform, said Ministry of Finance on Wednesday.
Union finance ministry further added that Kerala has become eligible to mobilise additional financial resources of Rs.2,373 crore through Open Market Borrowings. Permission for the same was issued by the Department of Expenditure on 12th January, 2021.
Kerala has now joined the seven other States namely, Andhra Pradesh, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana, who have completed this reform. On completion of reforms facilitating ease of doing business, these eight States have been granted additional permission of ₹23,149 crore.
In view of the resource requirement to meet the challenges posed by the COVID-19 pandemic, the Government of India had on 17th May, 2020 enhanced the borrowing limit of the States by 2 percent of their GSDP. Half of this special dispensation was linked to undertaking citizen centric reforms by the States.
The four citizen centric areas for reforms identified were (a) Implementation of One Nation One Ration Card System, (b) Ease of doing business reform, (c) Urban Local body/ utility reforms and (d) Power Sector reforms.