Bhubaneswar: The central government has announced some important steps to accelerate the slowdown in the economy. The states are expected to be given interest-free loans of Rs 12,000 crore over a 50-year period. The amount will be found in two parts. In the first part, Rs 10,000 crore will be distributed among the states on the recommendation of the Fifteenth Finance Commission. Of this, Rs 38 crore will be spent in Odisha. For the fiscal year 2020-21, the state government has projected an investment of Rs 35,206 crore in the budget, which is equivalent to only 1 per cent. Odisha will benefit from the Rs 10,000 crore system.Of the Rs 2,000 crore allocated in the second phase, Odisha will not get anything. This is because Odisha has not complied with the conditions for participation in this amount. The six types of reforms that are mentioned in the self-sufficient financial nexus package, which states that at least three reforms will be implemented, will cost Rs 2,000 crore. Under that condition, Odisha, West Bengal, Rajasthan, Telangana, Kerala, Bihar, Punjab, Jharkhand, Chhattisgarh, Uttarakhand and Himachal Pradesh will not get any money. Maharashtra, Tamil Nadu, Gujarat, Karnataka, Uttar Pradesh, Andhra Pradesh, Madhya Pradesh and Haryana have qualified for the money. According to the SBI EcoRap report, the four conditions set out in the Self-Finance Financial Needs Package4 are: One Country One Ration Card, Ease of Doing Business 4, Electricity Distribution and Municipal Revenue Reform. Of the four reforms, three have not been introduced by the state government. The Rs 12,000 crore promised by the central government to provide 50-year interest-free loans will not affect the work of the states. This is because the amount of capital expenditure allocated in the budgets of 14 states is Rs 6,62,114 crore, which is only 1.8 per cent. According to one estimate, states will benefit from the 50-year interest-free loan scheme. But the central government has to bear the loss of about Rs 70,000 crore. This is because the government guarantees 6% interest. Accordingly, the central government’s interest income will be reduced if calculated. It could be called a national loss. The main reason for this is the conditions laid down for the scheme. Those who accept the scheme will have to calculate the GST from their own pockets. If the government does not pay the GST, it is estimated that at least 10-15% of the central government employees will accept the scheme. According to one estimate, if a person is eligible for a rent of Rs 50,000, he or she will have to spend Rs 150,000 on the goods or services to get the facility. On top of that, he has to pay a minimum GST of Rs 18,000. This means that if you spend Rs 1,16,000 out of your own pocket, you will get a profit of Rs 50,000. “People are focusing on saving, not spending, because of the effects of the corona epidemic.” So there is a good chance that central employees will not accept the scheme.
