State govts’ borrowings to be lower by Rs 50,000 crore in Q1: ICRA

The state government borrowings through the bond market could be lower by Rs 50,000 crore in Q1Fy23 at Rs 1.4 trillion, according to rating agency ICRA.

During Apr 1-May 2 FY2023, only Andhra Pradesh (Rs 44 billion), Maharashtra (Rs 40 billion), Punjab (Rs 25 billion) and Haryana (Rs 15 billion) raised through State Development Loans (SDL).

Together, they borrowed Rs 124 billion, about 82 per cent lower than the Rs 672 billion that as many as 19 states had initially indicated for this period.

The government of India released a substantial Rs 8.8 trillion to the states in FY22, compared to Rs 7.4 trillion in the revised estimates for FY22.

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