Thursday, July 25, 2024
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DAN Govt on ‘borrowing spree’, says Nagaland CLP

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KOHIMA: The Congress Legislature Party (CLP) in the Nagaland Legislative Assembly accused the ruling Democratic Alliance of Nagaland (DAN) government of going on an alleged ‘borrowing spree’ and incurring thereby huge debts in spite of caution from the Accountant General of Nagaland.

In a statement, Nagaland CLP leader Tokheho Yepthomi listed details about the institutions the government had borrowed from, the amount borrowed, the interests and the interest per annum during 2009-2010 and 2010-2011.

He said the Planning Commission of India (PCI) granted permission to the state government to take loans from financial institutions as part of the annual plan.

The permitted limit set by the PCI to borrow was Rs 250 crore during 2009-10 and Rs 270 crore during 2010-11.

M Yepthomi said the Accountant General (AG) of Nagaland had cautioned the government to restrict market borrowing and issued its advisory to the state government to invest the loan money in sectors where the government could generate revenue for the state.

However, in defiance of this advisory, the state government had been spending the money in sectors that did not generate revenue. ”Despite these limits set by the PCI and the AG’s caution and advisory, the DAN Government had gone on a borrowing spree, thereby landing the state into a huge debt trap,” the CLP leader stated.

The total outstanding capital loan from 2009-10 and 2010-11 stands at Rs 1237.06 crore Out of which, the total interest per annum comes to Rs 1072.09 crore and Rs 1131.09 crore as calculated from the rates of interests shown above.

”The DAN government is leading the state into serious debt trap and the next government and the new generation will live to recover the legacy of the DAN government,” the Congress said. UNI

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