Himachal depletes Rs 6,200 cr loan capacity; retired personnel still awaiting pensions

-

 


Himachal depletes Rs 6,200 cr loan capacity; retired personnel still awaiting pensions


The financially troubled Himachal Government secured a loan amounting to Rs 500 crore last week, thereby exhausting its borrowing capacity of Rs 6,200 crore for the ongoing fiscal year. Aside from depleting the loan ceiling of Rs 6,200 crore for the present year (from April 1 to December 31, 2024), the state administration has sought another loan for the final quarter of the fiscal year 2024-25. For the fiscal year 2023-24, the borrowing limit for Himachal was set at Rs 1,700 crore for this final quarter.


This last tranche of Rs 500 crore in loans could be utilized for covering pensions for retired government personnel. While more than 2.25 lakh government workers have received their salaries, the retired staff have yet to be paid their pensions. 


Confronted with a serious financial predicament, Himachal requires approximately Rs 2,000 crore monthly to meet its fixed expenses concerning salaries and pensions.


With limited revenue-generating industries, the state government heavily relies on the central government for funding across various categories. In fact, two months ago, the state garnered national attention when its employees and pensioners experienced delays in receiving their salaries and pensions. Chief Minister Sukhvinder Singh Sukhu asserted that this delay was intended solely to conserve additional funds necessary for securing loans to pay salaries on the first day of the month. 


Typically, Himachal has a borrowing capacity of around Rs 8,000 crore each financial year, yet the state struggles to fulfill its committed financial obligations with this sum. “In the past, we could acquire supplemental loans of Rs 1,500 crore in exchange for the New Pension Scheme (NPS) contributions, which is no longer feasible following the reinstatement of the old pension scheme,” remarked an official.


In alignment with the realization of the ten commitments made by the governing Congress during the 2022 Vidhan Sabha elections, the state government reinstated the old pension scheme for over 1.35 lakh employees, imposing an extra burden on the treasury.


Future challenges may intensify


Himachal requires Rs 2,000 crore monthly to cover costs for salaries and pensions

State reinstated the old pension scheme for 1.35 lakh employees, resulting in an additional strain on the treasury

The upcoming fiscal year 2025-26 could prove more challenging, as the revenue deficit grant of Rs 6,258 crore received from the Centre this year will be reduced by nearly half.

#IsraelHamasWar #IDF #Israelairstrikes #IsraeldestroyingHamasTunnels #Gaza #Hezbollah #IslamicTerrorism #USPresident #Biden #IlonMusk #PMModi #Egypt #Lebanon #IronDome #USTroops  #shuksgyan #pmmodi #netanyahu #lebanon  #idf #israelarmy   #iraniandrone #Houthyterrorists  #donaldtrump #republicantrump #uspresidentialimmunity #barackobama #isis   #putin   #usa #trumpforpresident #joeretardbiden #idf   #narendramodi  #Trudeau #canadawithkhalistan #trudeauwithkhalistan #sjaishankar #rafah #israeldestroyrafah   #israelitanksinrafah #electioncommissionofindia #eci #evm #elonmusk #georgesorostoolkit #kamalaharris  #muslimrahulgandhi #islamiccongressparty #katuarahulgandhi #kukiterrorists #meitykilled #christiankukiterrorists #hindumeitytribal #manipur  #elonmusk #starlink #jiofibre 


Comments

Post a Comment

Popular posts from this blog

What is the Gaza Strip? What you want to be aware of the domain at the core of the Israel-Hamas war

-
Image
 What is the Gaza Strip? What you want to be aware of the domain at the core of the Israel-Hamas war The Gaza Strip has been the focal point of weighty siege for over seven days after Israel sent off retaliatory airstrikes for the extraordinary dread assault by Palestinian assailant bunch Hamas on Oct. 7. The territory — a limited segment of land among Israel and Egypt, close to the Mediterranean Ocean — is home to generally 2.3 million Palestinians and is portrayed as quite possibly of the most thickly populated put on The planet. The 140-square-mile district is generally the size of Philadelphia. Most of the people who live in Gaza are youthful, with practically 65% of the populace younger than 24. ' World's biggest outside jail' Beginning around 2007, Israel has forced an air, land and ocean bar on the Gaza Strip, saying the move is important to protect the country from Hamas' assaults. Gaza is encircled by substantial walls and security barriers. Palestinians are di...
Read more

Israel vows to invade Rafah amid Gaza truce talks, UN warns against assault

-
Image
                                          A house damaged in an Israeli strike lies in ruin (Credits: Reuters) While Israel promised to capture Rafah during the Gaza talks, the UN warned against possible attacks. Israel says Rafah is Hamas' last stronghold in the Gaza Strip. Israeli Prime Minister Benjamin Netanyahu has vowed to continue the long-running offensive against the southern Gaza town of Rafah, regardless of Hamas' response to calls for a new ceasefire and the return of Israeli hostages. Hopes for an end to the conflict have risen in recent days, with Egypt once again calling for the resumption of negotiations between Israel and Hamas. But so far there is little agreement between the two sides on the most important differences. Meanwhile, the International Criminal Court (ICC) has expressed concern about Israel's increasing isolation from the conflict in Gaza. Most of Gaza'...
Read more

The barbaric act of Hamas against Israeli children and women

-
Image
  Hamas is a paramilitary group that has been designated as a terrorist organization by the United States, the European Union, and Israel. The group has been responsible for numerous attacks on Israeli civilians, including children and women. #BarbericHamas #BrutalityagainstIsraeliwWomenChildren #IndiawithIsrael #TerroristHamas  In one particularly barbaric act, Hamas militants attacked a school bus in southern Israel in 2004, killing five Israeli children and wounding several others. In another attack, Hamas militants fired rockets into a residential area in Ashkelon, killing a three-year-old Israeli girl. Hamas has also been responsible for the deaths of numerous Israeli soldiers. In 2014, Hamas militants killed two Israeli soldiers in a cross-border tunnel. In another attack, Hamas militants killed three Israeli soldiers in an ambush. Hamas's attacks on Israeli civilians are a clear violation of international law. The Fourth Geneva Convention prohibits the targeting of civi...
Read more