From Our Special Correspondent
Daijiworld Media Network - Panaji

Panaji, Mar 21: Goa’s opposition leader Pratap Singh Rane Wednesday March 20 cautioned the state government of facing West Bengal-like financial crisis considering the escalating borrowings from the open market at the high rate of interest.

“Once we reach one level of borrowing, we might reach a stage like West Bengal,” Rane told the State legislative Assembly Wednesday participating in the general discussion on the budget for the year 2013-14.
 “Today finance minister of WB finds it very difficult to take up any scheme which reflects in the performance of the government,” he added.

Referring to various market borrowings by Goa government in recent past, Rane commented that Goa is heading towards a debt-trap.

The leader of opposition said that there have been heavy borrowings resulting in the increase in the interest liabilities.
“The interest payment was Rs 212 cr for 2011-12, Rs 248 cr for 2012-13 and Rs 309 cr for 2013-14,” he said, in his twenty minute speech on the floor of the House, in the afternoon session.

Rane said that the money loaned from the market has whopping interest of 17-25 per cent. “The burden of interest payment will become difficult as we go on borrowing more,” the leader of opposition cautioned.