India: Karnataka to borrow Rs 33,000 cr for development works
Bengaluru, Sept 15 (PTI) The Karnataka government on Tuesday decided to borrow Rs 33,000 crore to cope with the revenue loss owing to COVID-19 pandemic situation and take up development works, Law and Parliamentary Affairs Minister J C Madhuswamy said.
The state cabinet meeting decided to amend the Fiscal Responsibility Act to increase its borrowing limit from three per cent to the five per cent of the GSDP, utilising the provision proposed by the Centre, he said.