The work of expansion of infrastructural facilities in cities and villages in the state will gain further pace. Efforts are being made to create a framework for infrastructure development in such a way that maximum capital assets are created. If necessary for this, the government will not hesitate in taking loan from the market. The Central Government has also increased the limit for the state to take loan from the market to Rs 10,000 crore. To increase the pace of construction and infrastructure development works in Uttarakhand in the current financial year, the Central Government had fixed the limit for taking loan at Rs 5500 crore. It has been increased once again. However, the state government is taking vigorous steps to control the increasing debt burden every year.
The same was done in the last two financial years also. This led to success in controlling debt to some extent. Besides, repayment of loan and interest was also given importance. The result of this was that the rapidly increasing debt load could not cross the limit of Rs 80 thousand crores, even though it was being speculated. So far, a loan of Rs 2800 crore has been taken from the market in the financial year 2023-24. Further loans can be taken before the financial year ends. The government, which is being cautious about the debt burden, now wants to accelerate capital investment.
To fulfill the resolve of Strong Uttarakhand, there is a plan to accelerate infrastructure development on the front of essential services and facilities including drinking water, health, electricity, along with investment in various sectors including tourism, agriculture. In such a situation, the Dhami government can abandon the hesitation shown till now in taking loans along with the assistance received from the Centre. In such a situation, the total debt burden may also increase. The government had great success in the first half of the financial year in increasing capital expenditure in the budget. This has increased the enthusiasm of the government. It is believed that the more the departments work towards capital expenditure and creation of assets, the more they will be required to take loans from the market.
The government tried its best to avoid taking loans to meet non-capital expenses, but now the way flexibility is being shown regarding the demands of the employees, the increase in expenditure on non-development items is almost certain. Finance Secretary Dilip Jawalkar said that the government is laying more emphasis on increasing capital expenditure. If necessary, a loan can be taken for this.
