The Centre has transferred Rs.6,000crore to sixteen states and three union territories under the special borrowing arrangement. This amount was raised at a weighted average yield of 4.42%. However, Kerala, Punjab and West Bengal have insisted the Centre to borrow and pay them entire shortfall including the losses suffered due to COVID-19. Those states that have opted for borrowing, the Centre has started facilitating the loans to states. These get reflected in the books of states as debt and do not affect Centre’s fiscal deficit.
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