Amid rising interest rates, State to borrow less in Q3
The Hindu
It may raise ₹13,000 cr. through bonds
Tamil Nadu has indicated that it will borrow ₹13,000 crore through issue of bonds known as State Development Loans (SDLs) in the third quarter (October-December) of FY 2021-2022. It borrowed ₹15,000 crore in the same period last year.
For the first half (April-September) of 2021-22, the State’s borrowing through issue of SDLs was ₹39,000 crore, down nearly 19% from ₹48,000 crore in the first half of 2020-21.
“This [the decline in borrowings] could probably be due to the State’s improved revenue position relative to the expenditure being undertaken. Also, the State may be reluctant to add to its liabilities after having borrowed heavily in FY21,” said Kavita Chacko, senior economist at CARE Ratings.
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