Gujarat Assembly passes bill to increase borrowing limit

Gujarat Assembly passes bill to increase borrowing limit

Gandhinagar, Mar 3 (PTI) The Gujarat Assembly on
Wednesday passed three bills including one which permits the
state government to borrow more in view of the coronavirus
pandemic, with opposition Congress also voting for them.

All the three bills were thus passed unanimously.

The Pandit Deendayal Petroleum University Act of 2007
seeks to change the name of a private university.

As the varsity, situated near Gandhinagar city, has
“evolved and expanded its programs beyond petroleum sector”,
the bill proposed to rename it as `Pandit Deendayal Energy
University”.

The second bill sought to amend The Gujarat Fiscal
Responsibility Act of 2005 so that the state can borrow more
in view of the impact of the pandemic, said Deputy Chief
Minister and Finance Minister Nitin Patel.

As per the present Act, the state”s borrowings must
not exceed 3 per cent of the Gross State Domestic Product.
With the passing of the Bill, Gujarat”s borrowing limit can
touch 5 per cent of the GSDP.

“The Union government has allowed additional borrowing
limit of 2 per cent of GSDP to state governments for the
financial year 2020-21. The state governments are required to
amend their fiscal management laws.

“Therefore, we brought this Bill,” Patel informed the
House.

The Bill replaced an ordinance passed by the state
government earlier.

The third Bill was aimed at amending certain
provisions of The Gujarat Fire Prevention and Life Safety
Measures Act of 2013 to empower the state to appoint “Fire
Safety Officers” for conducting inspections and issuing
renewal certificates of buildings. PTI PJT
KRK KRK

Disclaimer :- This story has not been edited by Bollyinsidestaff and is auto-generated from news agency feeds. Source: PTI

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