23 Mar 2024

Madhya Pradesh govt will take new loan of Rs 5000 crore during Model Code of Conduct

Madhya Pradesh government will take a new loan of Rs 5,000 crore during the code of conduct for Lok Sabha elections. The state government will take a total loan of Rs 5,000 crore from the market in three parts on March 26 through the Mumbai office of the Reserve Bank. The first loan will be of Rs 2,000 crore for 20 years. Similarly, a second loan of Rs 2,000 crore will be taken for 21 years and a third loan of Rs 1,000 crore will be repaid in 22 years. Interest on all three loans will be paid twice a year.

The state government has taken a loan of Rs 15,500,000 crore in three months. In the current financial year, Madhya Pradesh government has so far taken a total loan of Rs 37 thousand 500 crore. Now including the new loan of Rs 5 thousand crore, the total loan will be Rs 42 thousand 500 crore. In the year 2024, a loan of Rs 2,500 crore has been taken on 23rd January, Rs 3,000 crore on 6th February, Rs 5,000 crore on 20th February and Rs 5,000 crore on 27th February.

The state had a debt of more than Rs 3 lakh 31 thousand crore as of March 2023. At the same time, including the total debt till now, the total debt burden on the Madhya Pradesh government has exceeded Rs 3 lakh 70 thousand crore. Even before the assembly elections, the government had continuously taken loans.

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