Daijiworld Media Network - Panaji
Panaji, Mar 9: The Government of Goa on Monday informed the Goa Legislative Assembly that it plans to avail loans worth Rs 4,500–Rs 5,000 crore in the coming financial year under the Centre’s Special Assistance for Capital Investment scheme, which provides 50-year interest-free loans to states.
Chief Minister Pramod Sawant said the State had already utilised Rs 4,148 crore this year towards capital expenditure through the scheme and would continue using such borrowings to fund infrastructure and development projects.
“We have taken only Rs 1,250 crore loan from the open market this year against the borrowing limit of Rs 4,500 crore. Next year we plan to take only about Rs 1,000 crore from the market,” Sawant said. He also noted that NITI Aayog had ranked Goa third in fiscal management among states.
Responding to concerns over the State’s finances, Sawant said Goa’s debt-to-GSDP ratio, which had earlier touched nearly 30 per cent, has now been reduced to 27 per cent and is expected to fall further to around 25 per cent.
However, Opposition members raised concerns about the State’s growing debt burden. Venzy Viegas, MLA of the Aam Aadmi Party, said Goa’s total outstanding debt had increased from around Rs 16,000 crore to nearly Rs 35,000 crore over the past nine years.
He also pointed out that the State is expected to repay Rs 3,600 crore in debt this year, which could rise to about Rs 4,300 crore annually by 2030-31.
Leader of Opposition Yuri Alemao criticised the government for what he termed excessive expenditure on events. According to him, the government had spent about Rs 677 crore on events since 2022, averaging nearly Rs 47 lakh per day.
Referring to the “Viksit Goa, Viksit Bharat” programme attended by Prime Minister Narendra Modi, Alemao alleged that Rs 13 crore was spent on a 60-minute event, amounting to nearly Rs 22 lakh per minute.
He questioned whether the government would reduce such spending to ensure more funds are available for development projects.
In response, Sawant clarified that the State’s borrowings are strictly used for capital expenditure and not for organising events.