Finance minister Nirmala Sitharaman appeals opposition-ruled states to consider borrowing option 1

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Finance minister Nirmala Sitharaman has asked opposition-ruled states to reconsider their stand and take the borrowing option 1 where Rs 2.16 lakh crore was being provided for meeting compensation cess shortfall.

In letters sent out to chief ministers, the Union finance minister has elaborated that the special window being provided to states and that Centre will undertake the borrowing and pass on to states via back to back loans. Further, principal and interest was being paid out of the compensation cess fund, such that states are not burdened.

The solution offered by the Centre to states on Thursday marked a dramatic shift in stand that is likely to resolve the row over the burning issue of meeting the shortfall in compensation cess.

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