Kerala to raise ₹1,000 cr. via securities’ sale

The State government has decided to mobilise ₹1,000 crore from the market through the sale of securities. The State may go in for an additional borrowing as well given the financial commitments during the Onam season, but the amount has not yet been specified, sources said. The State’s borrowing limit had been mired in uncertainty after the Centre insisted that ‘‘off-budget’‘ borrowings made through the Kerala Infrastructure Investment Fund Board and the Kerala Social Security Pension Ltd. should be considered part of State debt. In July this year, the Centre had finalised the State’s borrowing limit at ₹17,936 crore for the nine-month period up to December this year. Compared to the corresponding nine-month period last year, the limit is lower by ₹5,656 crore.