Newmai News Network
Shillong, Sept 9: Leader of Opposition Mukul Sangma has slammed the NPP-led Meghalaya government for increasing its borrowing limit to service the repayment of both principal and interest, which he warned will lead the state to a “disastrous future”.
Addressing the media, Sangma termed the government’s decision to increase the borrowing limit as a “red flag”.
“You (government) are further borrowing to service the repayment of principal and interest. This is where the concern lies and this is where the government is lying to the people…I condemn this attitude as this is going to lead the state to a disastrous future as has been honestly and truly reflected by the red flag given by the CAG. It is a red flag,” he said.
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Stating that one cannot club this together with a soft loan provided by the government of India, the former chief minister said, “You may borrow from the government of India, which is considered as a soft loan where the latter gives you lots of space to maneuver keeping in mind the constraints of the state.”
Further, Sangma alleged the government of adopting a well scripted modus operandi by deviating from the fiscal discipline.
Emphasizing the need to adhere with provisions of the Meghalaya Fiscal Responsibility and Budget Management (MFRBM) Act, 2006, the TMC leader said, “There was amendment and government have created this provision to allow them to borrow more so they are saying it is allowed but I am telling you both government of India to a great extent have not examine it properly, that is why they piggy ride on the government of India sometimes but fiscal discipline is fiscal discipline.”
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