Body will facilitate infrastructure development work in the state; corpus would come from unutilised funds by various departments
Maharashtra government is planning to set up a non-banking financial corporation (NBFC) with a corpus of Rs 60,000 crore in three to four months to facilitate infrastructure development in the state.
State finance minister Sudhir Mungantiwar told DNA Money that he would visit Gujarat after July 1 to study the NBFC model in the state.
He said there are many departments of the state government which have kept their funds allocated for a particular year in profit & loss accounts. He said that this money could be utilised for raising the corpus for the NBFC which can be used for infrastructure-related development work of the state.
Mungantiwar said such money has been accumulated for last many years.
Citing an example of state construction board, Mungantiwar said it has Rs 5,000 crore, and in the same way the government can raise funds for making provisions for loan waivers as well as for paying the salaries as per Seventh Pay Commission.
The minister said the state government would have to bear additional provision of Rs 21,500 crore for providing for pay panel benefit to employees.
He said that state is expecting growth of 14% which can provide additional Rs 18,000-20,000 crore for the state. Mungantiwar said the wants to increase non-tax income from present Rs 16,000 crore to Rs 26,000 crore, adding that the state has been successful to reduce revenue deficit.
...& ANALYSIS
- Many departments of the state government have kept their funds allocated for a particular year in P&L a/cs
- Such money has been accumulated for last many years, according to the state finance minister
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