P Chidambaram hails transfer on GST shortfall

New Delhi, October 16

Welcoming the Centre’s move to borrow money and pass it on to the states to meet the GST shortfall, senior Congress leader P Chidambaram on Friday said the Union Government should now work to re-establish trust with the states.

“I welcome the change of heart,” he tweeted.

The former finance minister said Union Finance Minister Nirmala Sitharaman had written to the states that the Central Government would borrow Rs 1,10,208 crore and give back-to-back loans to state governments.

“The minister’s letter puts the number at Rs 1,06,830 crore for this financial year. There is no clarity on who will borrow the money or how the debt will be serviced and repaid. States are opposed to borrowing on their own account. There is no difference between the first amount and the second amount,” Chidambaram said. — TNS

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