To meet its financial requirements, the State government has sought a loan of Rs200 crore from the Reserve Bank of India (RBI). The apex bank would float stocks to finance the amount of the loan. The loan, period of which is ten years is being sought to finance development schemes, such as those relating to power, agriculture, irrigation and industries for economic growth of the state. The secretary finance, Amit Singh Negi said that the stocks would be sold through RBI and the successful bidders will be required to make payment on January 9, 2019.
The position of debt of the state is not healthy considering the fact that total debt on March 31, 2017 was Rs35209.59 crores. The state owes a sum of Rs10212.85 crore to the national small saving fund of Government of India and Rs3509.14 crore to NABARD. Apart from it, a debt of Rs20832.29 crore is in form of state development loans. Against this debt, the balance at the credit of the Uttarakhand consolidated sinking fund on March 31, 2017 was Rs2313.5855 Crores.