If records of interest being generated over the loan taken by the Assam government are any indicator, the state may soon emerge as the biggest defaulter to the financial institution.
Excluding the loans taken from the World Bank and International Financial Institution against specific schemes and projects under the plan head, the Assam government is under the burden of `22,881-crore loan taken from sources like market, financial institutions central government, small savings and provident fund etc in between 2001 and March 2010.
In what has come as surprise to financial experts, Assam government paid interest to the tune of `14,000 crores at an average rate 9.2 per cent interest on its loan of `22,881 crores. The loan was taken for a period ranging from one year to 10 years.
According to sources in the state finance department, the break-up of the interest paid by the Assam government against the loans are `5,359 crores against market loan, `152 crores against loan from financial institutions, `5,929 crores against loan taken from small saving funds, `2,235 crores against loan from the central government, and `376 crores against loan taken from the Provident Fund. The total amount of interest paid during the period is about `14,000 crores.
The experts who suspect that loan was not utilised properly, points out that a huge part of the loan, taken by the state government was spent on populist schemes, freebies and for payment of salaries to the state government employees.
The fate of schemes announced by the government could be realized by the facts that state government officials do not remember the number of schemes being introduced by the government in past nine years.
If schemes like “Raisor Padulit Raisor Sarkar” introduced to take the state administration to the door-step of the people has become a thing of past, there is no mechanism in place to monitor or assess the schemes with the suffix ‘jyoti’ like Randhanjyoti, Jibonjyoti, Dharamjyoti, Karmajyoti, Gyanjyoti, B
Sept. 12: If records of interest being generated over the loan taken by the Assam government are any indicator, the state may soon emerge as the biggest defaulter to the financial institution.
Excluding the loans taken from the World Bank and International Financial Institution against specific schemes and projects under the plan head, the Assam government is under the burden of `22,881-crore loan taken from sources like market, financial institutions central government, small savings and provident fund etc in between 2001 and March 2010.
In what has come as surprise to financial experts, Assam government paid interest to the tune of `14,000 crores at an average rate 9.2 per cent interest on its loan of `22,881 crores. The loan was taken for a period ranging from one year to 10 years.
According to sources in the state finance department, the break-up of the interest paid by the Assam government against the loans are `5,359 crores against market loan, `152 crores against loan from financial institutions, `5,929 crores against loan taken from small saving funds, `2,235 crores against loan from the central government, and `376 crores against loan taken from the Provident Fund. The total amount of interest paid during the period is about `14,000 crores.