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Kerala granted Rs 2,373Cr additional borrowing for implementing Ease of Doing Business reforms

By TIOL News Service

NEW DELHI, JAN 13, 2021: KERALA has become the eighth state in the country to successfully undertake Ease of Doing Business reform stipulated by the government and get additional borrowing permission of Rs 2,373 crore.

The ease of doing business is an important indicator of the investment friendly business climate in the country, said the Ministry of Finance. The reforms business will enable faster future growth of the state's economy.

"Thus, the state has become eligible to mobilise additional financial resources of Rs.2,373 crore through Open Market Borrowings," said an official statement.

Kerala joined seven other states namely, Andhra Pradesh, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana, who have completed this reform stipulated by the Department of Expenditure under the Finance Ministry.

Under the ease of doing business reforms, states have to complete the first assessment of a ‘District Level Business Reform Action Plan,' streamline the documentation process for registration of businesses and implement a computerised central random inspection system.

On completion of reforms facilitating ease of doing business, these states have been granted additional borrowing permission of Rs 23,149 crore.

In May 2020, the Central government had decided to enhance the borrowing limit of the states by 2% of their Gross State Domestic Product (GSDP) and link half of this dispensation to them undertaking citizen-centric reforms. The four areas identified were One Nation One Ration Card system, ease of doing business reform, urban local body or utility reforms, and power sector reforms.


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