Hyderabad: After hearing concerns from state finance department officials, the Central governemnt is said to have granted "conditional authorisation" to the state government to borrow funds through a bond auction this month. Staff salaries were delayed this month as a result of the bond sale ban.
The Telangana government, on the other hand, was outspoken in its opposition to another policy that it perceived as an attempt by the Centre to curb state borrowing.
The government's bond sale in 2022-23 was halted by the Centre in April. According to finance department sources, the Centre has not provided clarification on the bond auction timetable or the amount of money that can be raised in May and June.
On Monday, officials from the Union Finance Ministry conducted a video conference with state finance secretaries to discuss the bond auction. K. Ramakrishna Rao, Telangana's Special Chief Secretary for Finance, attended the conference. At the conference, Rao expressed his vehement opposition to the bond auction, claiming that it was "discriminating against Telangana." T.V. Somanathan, the Union Finance Secretary, indicated that a few states were borrowing in excess of the FRBM (Fiscal Responsibility and Budget Management) Act limit by raising cash through firms and providing bank guarantees. He stated that such bank guarantees would be included in the FRMB limit.
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