‘FM calls for debt restructuring, open market borrowings’
SRINAGAR: Minister of Finance, Labour & Employment, Dr Haseeb A Drabu Monday asked the officials to devise a comprehensive plan for allocation of adequate resources for projects that have been taken up under NABARD funding.
The Minister said there will be institutional financing under NABARD for various projects taken up by the State Government in the Irrigation sector which have suffered due to drastic cut in allocations by the Centre.
Dr Drabu said the State Government will go for reallocation of borrowings for such projects, besides going for open market borrowings. He said under NABARD, there is rigidity in allocative structure of funds to various departments and the new proposals must resolve the issue of funding in Irrigation Sector for current year.
The meeting was also attended by Chief Secretary, B B Vyas, Principal Secretary, Finance, Navin K Choudhary, Principal Secretary to Chief Minister, Rohit Kansal, Administrative Secretaries of various Departments, besides officers of Finance Department, NABARD and other concerned departments.
“Fundamentally, a PSU should not look up to the Government for borrowing capital. It should do that on its own. The State Government will also go for debt restructuring under NABARD which will take care of paucity of funds faced by the various departments and projects,” he said.