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Borrowing will lead to a bigger financial crisis in Goa: Congress

The Congress on Thursday alleged that state government was adding more woes in financial crisis by borrowing additional loan of Rs 446 crore and challenged Chief Minister Pramod Sawant to prepare for a public debate over Goa’s financial condition.

In a statement, Goa Congress President Girish Chodankar said,”This government is taking people of Goa for granted. This has resulted into total liabilities touching to 25,000 crore and about per capital liabilities of Rs 1,50,000 on Goans. Why should people suffer for the financial mismanagement and financial illiteracy approach of Mr Sawant?.”

“This government very well knows that it has failed on all aspects of financial area. Hence, it is not ready to come up with white paper, despite Goans demanding it.” Chodankar alleged.

While reacting to central government’s decision to allow Goa to borrow Rs 446 crore to compensate GST, the Congress leader said,”One shouldn’t rejoice about it as our total liabilities have touched 25,000 crore.”

“Why people of Goa should pay for misdeeds of Modi Government? The Central Government has failed to pay GST compensation to the states, it was the Central Government who should have borrowed money to pay the states. Most of the states who accepted the Central Government’s forced proposal are either BJP governments or alliance of BJP at the Centre. Moreover, for big states like Maharashtra or Karnataka it is easier to borrow money from the market unlike small states like Goa which will be further burdened by the undue pressure on the tax payers,” he pointed out.

Alleging that Goa Government had failed to understand this or did it knowingly to save itself from the heat of Modi led Government at the Centre, Chodakar said,”Such meek submission will result into shattered state of economy in Goa. The party at the Centre like the party in the State has turned the country fully debt ridden. Central public debt ratio that was stable at around 70 percent since 1990 is now at around 90 percent, and with fiscal deficit crossing its limit the country is on a verge of economic collapse.”

“Chief Minister has brought his weaknesses and lack of capabilities in fore by always taking wrong steps. Goa Government has surrounded itself to central government,” he said.
The idea of borrowing shortfall money arising out of GST compensation would have long term repercussions on the economy of the Goa and the Goa State Government accepting the proposal would equally be responsible for the upcoming trouble times for Goa, he added.

“Congress strongly opposes to the idea of borrowing shortfall in GST. We demand that Goa Government should ask central government to release our dues immediately,” Chodankar said.

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