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States need to have better control on long-term credit flow: NITI Aayog official

-PTI

New Delhi: State governments need to capitalise their credit institutions to get access to long-term finance and have better control over their credit flow, a NITI Aayog official said.

The states have no control over the long-term finance right now, but nobody is stopping them from recapitalising finance corporations which will allow them to on-lend at attractive rates to entrepreneurs, NITI Aayog Special Secretary Yaduvendra Mathur said.

“States can’t just wait that something will come from the Centre, then we will move ahead. It is a proactive world now, and a proactive world is about choice — taking actions — and the state governments are choosing to take big course correction action. We need the state governments to have access to one of the factors input, which is credit — long-term credit which the state governments right now have no control,” Mathur said at the ‘Indian States Summit 2019’ organised by the Indian Chamber of Commerce here.

He said that the state governments need to seriously invest in their credit institutions and have a better hold on their credit flow.

‘Policy tweaks needed’

“Nobody is stopping the state governments from recapitalising their finance corporations, and through this, they can on-lend at an attractive rate to their entrepreneurs,” Mathur said.

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