Bhubaneswar: Defending Odisha government’s open market borrowing programme, the chief minister Mohan Majhi, Friday said the State’s debt position is fiscally sustsinable and the rate at which is borrowing is low.
Majhi was replying to a general discussion on State Budget 2025-26 in the House.
The CM said the State has borrowed Rs 6000 crore till now in FY 25 from open market through RBI auction. He said the money has been borrowed at a rate lower than 7% which is lower than the GPF rate of 7.1%.
Allaying the concern of opposition, he said the total debt this year would be 16% of total budget which comparable to previous years borrowing.
Citing an example, he said the biggest corporate house of the country has a debt of Rs 3.70 lakh crore. But the total revenue of the group is also Rs 10 lakh crore.
