Kerala wants loan caps enhanced to raise ₹10500 cr

first_imgrelief and aid organisation SHARE SHARE EMAIL RELATED SHARE COMMENTS Published on The Kerala delugeKerala mulling 10% cess on GST, introduction of special lottery Flood-hit Kerala plans to request the Centre to enhance its market borrowing limits from three per cent of the Gross State Domestic Product (GSDP) to 4.5 per cent to marshall resources for ‘rebuilding’ the State. This is expected to make available additional resources of ₹10,500 crore, Chief Minister Pinarayi Vijayan told newspersons while briefing them about decisions taken at a Cabinet meeting here on Tuesday. SPECIAL CESS WITH SGSTThe government proposes to collect an additional 10 per cent special cess along with the State GST as part of the revenue mobilisation exercise to tide over the crisis. Separately, the National Bank for Agriculture and Rural Development (Nabard) is being approached to draw up long-term funding programme to repair/rebuild roads and other public infrastructure. Special packages are being sought as part of the Centrally Sponsored Scheme in the comprehensive memorandum that the state proposes to submit to the Prime Minister. A Rs 2,600-crore package is being envisaged as part of the Mahatma Gandhi National Rural Employment Guarantee Scheme, the Chief Minister said. A special session of the State Assembly is being convened on August 30 to discuss the relief and rehabilitation of tens of thousands of people affected by the devastating floods. Each state government department has been asked to draw up special action plans for relief and rehabilitation, the Chief Minister said. ‘MONEY LENDERS, BEHAVE’On the interest rate moratorium declared by all banks in the State on crop loans drawn by those in the affected area, the Chief Minister warned the private money lenders to behave. “It’s not bank loans who are financing the needs of the rural poor. I’ve been notified about some of the private lenders reaching even the relief camps to realise dues from the affected people.” This is not fair, and these elements must show a sense of responsibility and care for the flood-afflicted and should not chase them to the relief camps, Vijayan said. The Chief Minister also announced that the governments in West Asia where millions of Keralites are employed have come out with liberal help for the flood-hit brethren back home. The UAE and Abu Dhabi rulers have announced assistance of Rs 700 crore in a decision that was conveyed on Tuesday morning to Prime Minister Narendra Modi. A flood of passenger needs comes into sharp focuscenter_img Fighting back A six-year-old student in Kadungallloor, nearKochi, puts his books out to dry after returning home from arelief camp on Tuesday. – H VIBHU Kerala floods: Insurance claims seen at ₹600-1,000 cr Kerala flood August 21, 2018 COMMENT disaster managementlast_img

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