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Additional borrowing permission of Rs 2,508 cr issued to Telangana

Thursday, 07 Jan 2021
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Telangana has become the third state in the country to undertake urban local bodies (ULB) reform stipulated by the Department of Expenditure, Ministry of Finance. 
The state has become eligible to mobilise additional financial resources of Rs 2,508 crore through open market borrowings. 
Permission for the same was issued by the Department of Expenditure on 7 January 2021.  
The state has now joined the two other states -- Andhra Pradesh and Madhya Pradesh --who have completed this reform.  
On completion of urban local bodies reform, these three states have been granted additional borrowing permission of Rs 7,406 crore. 
Reforms in the urban local bodies and the urban utilities reforms are aimed at financial strengthening of ULBs in the state and enable them to provide better public health and sanitation services.  
Economically rejuvenated ULBs will also be able to create good civic infrastructure. The reforms stipulated to achieve these objectives are: the state will notify (a) floor rates of property tax in ULBs which are in consonance with the prevailing circle rates (i.e. guideline rates for property transactions) and (b) floor rates of user charges in respect of the provision of watersupply, drainage and sewerage which reflect current costs/past inflation; and the state will put in place a system of periodic increase in floor rates of property tax/user charges in line with price increases.
The states get permission to raise additional funds equivalent to 0.25 percent of GSDP on completion of reforms in each sector. 
The four citizen-centric areas identified for reforms were (a) Implementation of One Nation One Ration Card System (b) Ease of doing business reform (c) Urban Local body/utility reforms and (d) Power Sector reforms. 
So far 10 states have implemented the One Nation One Ration Card System, seven states have done ease of doing business reforms, and three states have taken up local body reforms. 
The total additional borrowing permission issued so far to the states who have done the reforms stands at Rs 54,190 crore.
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