The Hindu Business Line : Orissa loan burden down first time since Independence

BHUBANESWAR: Orissa has achieved a ‘rare distinction’ of bringing down its loan burden for the first time since Independence, its Finance Minister, Mr P C Ghadai told the Assembly.

The state’s total debt has now reduced from Rs 36,430 crore in previous fiscal to Rs 35,493 crore now, Ghadai told the Assembly last night.

“We have made a history of sorts by bringing down loan burden by Rs 937 crore in 2008-09. The loan burden was reduced after a long gap of 61 years,” he said replying to the debate on Orissa Appropriation (No 2) Bill - 2009.

“After Independence this is for the first time that the loan amount has fallen,” he said amidst loud applause from the treasury bench.

In 1946-47 the debt burden fell from Rs 74 lakh to Rs 73 lakh.

Mr Ghadai’s reply followed allegation by the Leader of Opposition Mr Bhupinder Singh that the per capita debt burden had touched about Rs 10,000.

The minister said that despite several difficulties, the state had not made any open market borrowing for the last four years.

Besides Delhi and Haryana, Orissa has been identified by the Finance Commission among the three best performing states in terms of fiscal management, he added. - PTI

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