Karnataka strikes to amend fiscal Act to facilitate borrowing of as much as 5% of GSPD

By: Express News Service | Bengaluru |

September 16, 2020 2:24:04 am

Karnataka Chief Minister B S Yediyurappa. (File Photo)

The Karnataka authorities has determined to amend the Karnataka Fiscal Responsibility Act, 2002 throughout the forthcoming session of the state legislature to facilitate borrowing to the extent 5 per cent of the gross state home produce (GSDP) to beat income shortages incurred throughout the Covid-19 disaster.

The resolution to change the Act from the sooner GSDP of three per cent was taken at a Tuesday assembly of the state cupboard headed by Chief Minister B S Yediyurappa, who additionally holds the finance portfolio. The adjustments in borrowing limits imposed on the state will allow the state to borrow a further Rs 33,000 crore wanted for improvement work throughout the present fiscal, state Law Minister J C Madhuswamy stated.

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