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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF EXPENDITURE
LOK SABHA
UNSTARRED QUESTION NO. 2380
TO BE ANSWERED ON MONDAY, 4th 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.
*****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)
NBC @ 3% NBC @ 4% NBC @ 3.5% NBC @ 3% NBC @ 3%
Sl. of estimated of estimated of estimated of estimated of estimated
Name of State
No. GSDP GSDP GSDP GSDP GSDP
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 55,094Annexure-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 76,500Annexure-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 - -