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File image from a session of Assam Legislative Assembly (Photo: @mpa_india/X)

Guwahati, July 16: On Wednesday, Finance Minister Jayanta Mallabaruah defended the borrowing practices of the Assam government, countering the Opposition's concerns regarding the state's increasing liabilities. He emphasized that all loans are secured within a defined framework.

During the Assembly's discussion on the State Budget, Mallabaruah clarified that the government does not have the liberty to borrow funds at will.

He explained that there is a systematic approach to obtaining loans, which necessitates approval from the central government and is contingent on the state's economic status.

The Minister highlighted that there are set borrowing limits, a predetermined borrowing schedule, and a repayment plan that the state adheres to. He assured that all loans are repaid punctually and that the government operates within established fiscal guidelines.

Accusing the Opposition of misleading the public, Mallabaruah stated that their critiques of the state's debt overlooked the legal protocols and protections surrounding government borrowing.

He mentioned efforts to digitize the taxation system to boost revenue and prevent leakages, aiming to raise the state's own revenue from the current 36% to 50% by 2031.

Focusing on the agriculture sector, Mallabaruah noted that integrating agriculture with irrigation and introducing pressurized piped irrigation would enhance irrigation coverage, facilitate year-round cropping, and improve farmers' incomes.

He characterized the Budget as supportive of farmers, outlining a clear strategy for bolstering the rural economy.

Mallabaruah also pointed out that the one-time grants for women and youth would foster entrepreneurship, while initiatives like CM FLIGHT would equip young individuals with essential soft skills for better job prospects.

Claiming that the Budget addresses all sectors, he asserted that even members of the Opposition had indirectly recognized that various Budget proposals would benefit their constituencies. He urged all legislators to consider the Budget in light of its long-term vision and developmental goals.