consistent steps to impart support to the States in the challenging times of the pandemic?

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 Enhanced limit of borrowing for FY2020-21 under Atma Nirbhar Bharat package :

  •  Under the Atma Nirbhar Bharat package, additional borrowing limit of up to 2 percent of Gross State Domestic Product (GSDP) was allowed to the States, which was equivalent to ` 4.27 lakh crore. Of the additional 2 per cent borrowing allowed to the States, the first instalment of 0.5 per cent borrowing was untied for all the states. 
  • The second part amounting to 1 per cent of GSDP was subject to implementation of following four specific State level reforms, where weightage of each reform is 0.25 per cent of GSDP:- 
  • a) Implementation of One Nation One Ration Card System; 
  • b) Ease of doing business reform; 
  • c) Urban Local body/ utility reforms; and
  •  d) Power Sector reforms.
Compensation to the States for loss in GST revenue:

  • In order to compensate the states for the loss of GST revenue during FY 2020-21, Central Government had given the states an option to either borrow the shortfall arising out of GST implementation through issue of debt under a Special Window coordinated by the Ministry of Finance which was passed on to the States and UTs 

  • the states are also entitled to get unconditional permission to borrow the final instalment of 0.5 per cent of GSDP out of the 2% additional borrowing permitted for FY 2020-21. This amounts to an additional mobilization of ` 1.07 lakh crore, over and above the ` 1.1 lakh crore special window to meet the revenue shortfall arising out of GST implementation. 

Scheme for Special Assistance to States for Capital Expenditure :

  • During the year 2020-21, considering the fiscal environment faced by the State Governments due to the shortfall in tax revenues arising from the COVID-19 pandemic, 'Scheme for Special Assistance to States for Capital Expenditure', has been approved wherein special assistance is being provided to the State Governments in the form of 50-year interest free loan up to an overall sum not exceeding ` 12,000 crore.
SDRF 

  • The Central Government by way of a special one-time dispensation had decided to treat COVID-19 as a notified disaster for the purpose of providing assistance under SDRF

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