Already under crores of debt, the Odisha ruling government has decided to levy on itself a loan of rupees 1000 crores.
As per a statement released by the state finance department, the Odisha government will have to sell its stocks to repay back the debt. The 1000 crore debt will be used to implement the numerous developmental projects already undertaken by the state.
The loan amount will be brought for a time period of four years. The state government will have to pay back the debt amount by February 27, 2023.
On Wednesday, the Odisha government will sell its stocks through the Reserve Bank and reports of a bidding procedure took place in this regard.
As per information, the state government’s 2019-20 Odisha Budget had projected, by the end of 2018-19 the debt amount will be 91,943 crores.