Lok Sabha Question No. 2380 (UNSTARRED), answered on 2025-08-04
Subject: Net Borrowing Ceiling
Ministry: FINANCE
Asked by: Shri Ramasahayam Raghuram Reddy

## GOVERNMENT OF INDIA MINISTRY OF FINANCE

## DEPARTMENT OF EXPENDITURE

## LOK SABHA UNSTARRED QUESTION NO. 2380

## TO BE ANSWERED ON MONDAY, 4 th  AUGUST, 2025

SRAVANA 13, 1947 (SAKA)

## NET BORROWING CEILING

## 2380.   Shri Ramasahayam Raghuram Reddy

Will the Minister of Finance be pleased to state:

- (a) the details of Net Borrowing Ceilings fixed by the Government and actual borrowings of States during the last five year, State-wise;
- (b) the details of Off-Budget Borrowings of States during the last five years, State-wise;
- (c) whether  the  Government  has  placed  any  mechanism  to  adjust  Off-Budget  Borrowings while determining the Net Borrowing ceiling; and
- (d) if so, the details thereof?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF FINANCE

## (SHRI PANKAJ CHAUDHARY)

(a) Based on recommendations of the Finance Commission, the annual Net Borrowing Ceiling (NBC) of all States is fixed as a percent of the Gross State Domestic Product (GSDP). Moreover, in view of the resource requirement to meet the challenges posed by the COVID-19 pandemic, the Government of India had enhanced the borrowing limit of the States by 2 percent of their Gross  States  Domestic  Product  (GSDP)  for  the  year  2020-21.  The  State-wise  details  of  Net Borrowing  Ceilings  fixed  by  the  Union  Government  during  the  last  five  years  is  enclosed  at Annexure-I .  As  per the information provided by Reserve Bank of India (RBI), the State-wise actual open market borrowings during the last five years is enclosed at Annexure-II .

(b) to (d) Instances of Off-budget borrowings by certain State Public Sector companies, Special Purpose Vehicles (SPVs) and other equivalent instruments, where principal and/or interest are to be  serviced  out  of  the  State  Budgets  had  come  to  the  notice  of  the  Ministry  of  Finance. Considering the effect of bypassing the NBC by such borrowings by some States, as it was decided and communicated to the States in March 2022 that borrowings by State Public  Sector  companies/corporations,  Special  purpose  vehicles  (SPVs)  and  other  equivalent instruments, where principal and/or interest are to be serviced out of the State Budgets and/or by assignment of taxes/cess or any other State's revenue, shall be considered as Borrowings made by the State itself for the purpose of issuing the consent under Article 293(3) of the Constitution of India.

The details of Off-Budget Borrowings from FY 2021-22 to FY 2024-25 by State Public Sector companies/corporations,  Special  Purpose  Vehicles  (SPVs)  and  other  equivalent  instruments, where principal and/or interest are to be serviced out of the State Budgets and/or assignment of taxes/cess  or  any  other  State's  revenue  as  declared  by  the  State  Governments  is  enclosed  at Annexure-III .

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## Annexure-I referred to in the answer of part (a) of Lok Sabha Unstarred question no. 2380 for 04.08.2025

## State-wise details of Net Borrowing Ceilings (NBC) of States fixed by the Union Government during the last five years

(Rs. in crore)

| Sl. No.   | Name of State     | NBC@3% of estimated GSDP   | NBC@4% of estimated GSDP   | NBC @3.5% of estimated GSDP   | NBC@3% of estimated GSDP   | NBC@3% of estimated GSDP   |
|-----------|-------------------|----------------------------|----------------------------|-------------------------------|----------------------------|----------------------------|
| Sl. No.   | Name of State     | 2020-21                    | 2021-22                    | 2022-23                       | 2023-24                    | 2024-25                    |
| 1         | Andhra Pradesh    | 30,305                     | 42,472                     | 44,574                        | 43,760                     | 49,217                     |
| 2         | Arunachal Pradesh | 855                        | 1,175                      | 1,325                         | 1,441                      | 1,435                      |
| 3         | Assam             | 11,216                     | 15,084                     | 17,310                        | 16,212                     | 18,882                     |
| 4         | Bihar             | 19,384                     | 27,179                     | 27,615                        | 25,807                     | 26,893                     |
| 5         | Chhattisgarh      | 10,749                     | 14,324                     | 15,013                        | 15,241                     | 17,048                     |
| 6         | Goa               | 2,677                      | 3,280                      | 3,148                         | 2,933                      | 3,270                      |
| 7         | Gujarat           | 52,224                     | 71,938                     | 71,163                        | 76,189                     | 83,409                     |
| 8         | Haryana           | 25,759                     | 33,682                     | 31,572                        | 32,713                     | 35,985                     |
| 9         | Himachal Pradesh  | 5,259                      | 6,701                      | 6,311                         | 6,342                      | 6,551                      |
| 10        | Jharkhand         | 10,589                     | 14,179                     | 13,124                        | 12,039                     | 13,972                     |
| 11        | Karnataka         | 54,108                     | 68,853                     | 76,343                        | 77,020                     | 85,858                     |
| 12        | Kerala            | 27,130                     | 36,087                     | 32,439                        | 32,442                     | 37,512                     |
| 13        | Madhya Pradesh    | 28,473                     | 41,442                     | 44,136                        | 45,412                     | 45,667                     |
| 14        | Maharashtra       | 92,364                     | 1,15,184                   | 1,10,626                      | 1,15,914                   | 1,17,238                   |
| 15        | Manipur           | 904                        | 1,441                      | 1,524                         | 1,262                      | 1,498                      |
| 16        | Meghalaya         | 1,162                      | 1,534                      | 1,351                         | 1,364                      | 1,476                      |
| 17        | Mizoram           | 789                        | 1,225                      | 1,423                         | 863                        | 1,037                      |
| 18        | Nagaland          | 941                        | 1,429                      | 1,246                         | 1,363                      | 1,211                      |
| 19        | Odisha            | 17,147                     | 21,803                     | 23,175                        | 26,017                     | 28,485                     |
| 20        | Punjab            | 18,196                     | 22,951                     | 22,044                        | 20,628                     | 23,716                     |
| 21        | Rajasthan         | 32,774                     | 41,487                     | 42,856                        | 47,974                     | 50,634                     |
| 22        | Sikkim            | 934                        | 1,525                      | 1,415                         | 1,420                      | 1,577                      |
| 23        | Tamil Nadu        | 57,759                     | 80,627                     | 83,955                        | 78,298                     | 87,176                     |
| 24        | Telangana         | 30,102                     | 43,138                     | 42,728                        | 43,000                     | 48,879                     |
| 25        | Tripura           | 1,781                      | 2,447                      | 2,664                         | 2,506                      | 2,666                      |
| 26        | Uttar Pradesh     | 58,216                     | 69,979                     | 71,688                        | 70,844                     | 82,542                     |
| 27        | Uttarakhand       | 8,427                      | 10,467                     | 8,620                         | 9,871                      | 10,789                     |
| 28        | West Bengal       | 40,724                     | 55,289                     | 58,461                        | 51,113                     | 55,094                     |

## Annexure-II referred to in the answer of part (a) of Lok Sabha Unstarred question no. 2380 for 04.08.2025

## Details of actual open market borrowings of all the States during the last five year

(Rs. in crore)

|   Sl. No. | Name of State     | 2020-21   | 2021-22   | 2022-23   | 2023-24   | 2024-25   |
|-----------|-------------------|-----------|-----------|-----------|-----------|-----------|
|         1 | Andhra Pradesh    | 50,896    | 46,443    | 57,478    | 68,400    | 78,205    |
|         2 | Arunachal Pradesh | 767       | 563       | 559       | 902       | 1,010     |
|         3 | Assam             | 15,030    | 12,753    | 17,100    | 18,500    | 19,000    |
|         4 | Bihar             | 27,285    | 28,489    | 36,800    | 47,612    | 47,546    |
|         5 | Chhattisgarh      | 13,000    | 4,000     | 2,000     | 32,000    | 24,500    |
|         6 | Goa               | 3,354     | 2,000     | 1,350     | 2,550     | 1,050     |
|         7 | Gujarat           | 44,780    | 31,054    | 43,000    | 30,500    | 38,200    |
|         8 | Haryana           | 30,000    | 30,500    | 45,158    | 47,500    | 49,500    |
|         9 | Himachal Pradesh  | 6,000     | 4,000     | 14,000    | 8,072     | 7,359     |
|        10 | Jharkhand         | 9,400     | 5,000     | 4,000     | 1,000     | 3,500     |
|        11 | Karnataka         | 69,000    | 59,000    | 36,000    | 81,000    | 92,025    |
|        12 | Kerala            | 28,566    | 27,000    | 30,839    | 42,438    | 53,666    |
|        13 | Madhya Pradesh    | 45,573    | 22,000    | 40,158    | 38,500    | 63,400    |
|        14 | Maharashtra       | 69,000    | 68,750    | 72,000    | 1,10,000  | 1,23,000  |
|        15 | Manipur           | 1,302     | 1,476     | 1,422     | 1,426     | 1,500     |
|        16 | Meghalaya         | 1,777     | 1,608     | 1,753     | 1,364     | 1,882     |
|        17 | Mizoram           | 944       | 747       | 1,315     | 901       | 1,169     |
|        18 | Nagaland          | 1,721     | 1,727     | 1,854     | 2,551     | 1,550     |
|        19 | Odisha            | 3,000     | -         | -         | -         | 20,780    |
|        20 | Punjab            | 32,995    | 25,814    | 45,500    | 42,386    | 40,828    |
|        21 | Rajasthan         | 57,359    | 51,149    | 46,057    | 73,624    | 75,185    |
|        22 | Sikkim            | 1,292     | 1,511     | 1,414     | 1,916     | 1,951     |
|        23 | Tamil Nadu        | 87,977    | 87,000    | 87,000    | 1,13,001  | 1,23,625  |
|        24 | Telangana         | 43,784    | 45,716    | 40,150    | 49,618    | 56,209    |
|        25 | Tripura           | 1,916     | 300       | -         | -         | -         |
|        26 | Uttar Pradesh     | 75,500    | 62,500    | 55,612    | 97,650    | 45,000    |
|        27 | Uttarakhand       | 6,200     | 3,200     | 3,200     | 6,300     | 10,400    |
|        28 | West Bengal       | 59,680    | 67,390    | 63,000    | 69,910    | 76,500    |

## Annexure-III referred to in the answer of part (b) to (d) of Lok Sabha Unstarred question no. 2380 for 04.08.2025

## Year wise details of Off Budget Borrowings declared by State Governments

(Rs. in crore)

|   Sl. No. | State             | 2021-22   | 2022-23   | 2023-24   | 2024-25   |
|-----------|-------------------|-----------|-----------|-----------|-----------|
|         1 | Andhra Pradesh    | 6,288     | 1,976     | 613       | -         |
|         2 | Arunachal Pradesh | -         | -         | -         | -         |
|         3 | Assam             | 239       | 853       | 1,102     | 542       |
|         4 | Bihar             | 520       | 687       | 53        | -         |
|         5 | Chhattisgarh      | 618       | 2,283     | 780       | 584       |
|         6 | Goa               | 77        | -         | -         | -         |
|         7 | Gujarat           | -         | -         | -         | -         |
|         8 | Haryana           | 21        | 22        | -         | -         |
|         9 | Himachal Pradesh  | -         | -         | -         | -         |
|        10 | Jharkhand         | -         | -         | -         | -         |
|        11 | Karnataka         | 2,350     | 4,029     | -         | 5,438     |
|        12 | Kerala            | 14,312    | 6,709     | 4,688     | 983       |
|        13 | Madhya Pradesh    | 533       | 564       | 374       | 568       |
|        14 | Maharashtra       | -         | 2,500     | 7,700     | 13,990    |
|        15 | Manipur           | -         | 293       | 228       | 109       |
|        16 | Meghalaya         | -         | 64        | 6         | 12        |
|        17 | Mizoram           | -         | -         | -         | -         |
|        18 | Nagaland          | -         | -         | 39        | -         |
|        19 | Odisha            | -         | -         | -         | -         |
|        20 | Punjab            | 770       | 484       | 1,675     | 4         |
|        21 | Rajasthan         | -         | -         | -         | -         |
|        22 | Sikkim            | 454       | 121       | -         | -         |
|        23 | Tamil Nadu        | 595       | 1,121     | 1,560     | 28        |
|        24 | Telangana         | 35,258    | 9,597     | 2,546     | 2,697     |
|        25 | Tripura           | -         | -         | -         | -         |
|        26 | Uttar Pradesh     | 3,951     | 3,488     | -         | -         |
|        27 | Uttarakhand       | -         | -         | -         | -         |
|        28 | West Bengal       | 1,089     | 1,089     | -         | -         |