Tread cautiously on Rs 33,000-cr fresh loan: Sena to Maha govt

Shiv Sena has asked Maharashtra government to be "careful and cautious" while raising a fresh loan of Rs 33,000-crore to ensure that mistakes of the previous Congress-NCP regime are not repeated.

"The additional loan of Rs 33,000 crore will be utilised for upgradation of infrastructure, agriculture, irrigation, drought mitigation schemes and Jalyukt Shivar scheme. Even though additional funds are required for these purposes, the government must bear in mind the existing debt of Rs 3.52 lakh crore."

"The common man will have to bear the financial burden. It should be ensured that the fresh loan is taken at low interest rate," an editorial in Sena mouthpiece 'Saamana' said today.

"Every year the government has to pay Rs 38,000 crore as repayment of principal amount of loan and interest. If the fresh loan is taken at low interest rate, there would be saving in the amount which needs to be repaid. Adequate funds would be available for creating infrastructure facilities," the edit said.

It asked the government to guard against fiscal mismanagement since it has to face the challenge of water scarcity and drought in the coming year.

The edit said the debt of Rs 3.52 lakh crore was a legacy of political and fiscal management of the Congress-NCP regime.

In the 15-year-rule of Congress-NCP, loan was raised for development work but nothing was done.

"Rs 70,000 crore were spent for irrigation but in the last 15 years, irrigation potential did not increase by even one per cent," the edit alleged.