Himachal raised loans of Rs.3,445 crore last year: Virbhadra

5 Dariya News

Shimla 20-Feb-2014

Himachal Pradesh raised loans of Rs.3,445.2 crore last year and its liability from those loans stood at Rs.1,392.47 crore, Chief Minister Virbhadra Singh informed the assembly Thursday.He said in a written reply that the government had raised loans from various financial institutions, including the Reserve Bank of India, government of India and National Cooperative Development Corporation, in 2013.In his budget speech, Singh, who also holds the finance portfolio, said the loan repayments are expected to be Rs.1,511 crore in the next fiscal apart from Rs.367 crore on other loans."Out of every Rs.100 spent, salaries will account for Rs.32.38, pensions for Rs.14.80, interest payments for Rs.11.64, loan repayments for Rs.6.40 and the remaining Rs.34.78 will be spent on developmental works including other activities," the chief minister said in the budget speech Feb 7.

"The state government has posed Development Policy Loan (Phase-II) of $100 million from the World Bank through the government of India under Clean Technology Fund for shift towards green growth and sustainable development," he said.The World Bank team has recently visited Shimla and agreed that the state has complied with all conditions for eligibility of loan."Therefore, we are likely to get this loan soon. We are thankful to the government of India that it will pass on this loan to our state as 90 percent grant and 10 percent loan," the chief minister said.Tourism, horticulture and hydropower generation are major contributors to Himachal Pradesh's economic development.