The Hindu Business Line : Auction of Gujarat Govt stock securities

AHMEDABAD: To fund the development programmes and schemes included in the annual development plan (ADP) for 2009-2010, the Gujarat government would sell the state government stock securities worth Rs 1000 crore for a period of 10 years.

The auction of the stock securities will be conducted by the apex bank RBI tomorrow, a press release issued by the state finance department said.

In recent years, the Gujarat government’s public debt has mounted and it stood at Rs 86,511 crore as on 31 March, 2009.

According to the state government, the debt has been utilised for developmental activities of the state and in creation of productive assets.

Besides the staggering public debt, the state government has also extended guarantees on behalf of the government owned entities and various statutory bodies of the state.

However, with stringent financial and administrative measures, the government has reduced its outstanding guarantees from Rs 19,000.99 crore at 2002-03 to Rs 10,340 crore as on March 31, this year. – PTI

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