CHENNAI: Tamil Nadu Finance Minister Palanivel Thiaga Rajan on Friday said that the state government is planning to borrow Rs 90,116.52 crore during 2022-23.
Presenting the budget for 2022-23, the minister said the estimates for receipt and repayment of borrowings have been finalised on the basis of the overall borrowing ceiling fixed by the government of India.
“The government plans to borrow a net amount of Rs 90,116.52 crore during 2022-23. This excludes an amount of Rs 6,500 crore anticipated from the government of India towards Back to Back Loan for GST compensation shortfall. The outstanding debt as of 31st March 2023 will be Rs 6,53,348.73 crore after excluding Back to Back loan for GST compensation shortfall released by the government of India,” the minister added.
He said the above amount constitutes 26.29 per cent of GSDP in 2022-23. The outstanding debt as a percentage of GSDP is expected to be 26.24 per cent in 2023-24 and 25.93 per cent in 2024-25, which are well within the norms prescribed by the 15th Finance Commission. “Thus the state aims to maintain debt sustainability as part of its fiscal consolidation roadmap,” Rajan added.