The anxious wait of the State Government for the Central Government’s approval to raise open market borrowings continues.
More than one month after the State had submitted its proposals to raise OMBs to the tune of ₹15,000 crore during the first quarter of the current financial year as projected in the indicative calendar of borrowings, the Centre is yet to give its formal approval for the same in line with the provisions under Article 293 of the Constitution. As a result, the State is yet to avail of single tranche of OMB during the auctions conducted by the Reserve Bank of India till May 2 and the State’s name is yet to figure in the list of States that had opted for OMBs in the next auction scheduled on May 10.
The issue had reportedly become a cause of concern for the State Government as it had to start remitting ₹ 5,000 an acre under the flagship programme, Rythu Bandhu, the farmers investment support scheme, early next month.
