The Gujarat government today said it will sell state government stock securities worth Rs 1,000 crore with a holding period of 10 years to fund development programmes and schemes included in its annual development plan (ADP) for 2011-2012.
The auction of the stock securities will be conducted by the Reserve Bank of India (RBI) tomorrow, Gujarat Finance Department Additional Secretary Manish Verma said in a statement.
In recent years, the Gujarat government’s public debt has mounted and it stood at Rs 1,13,125 crore as of March 31, 2011. According to the state government, the debt has been utilised for developmental activities in the state and in the creation of productive assets.
From: http://ping.fm/qOsaf
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