Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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</span></span></code>
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		&#039;title&#039; =&gt; &#039;States&amp;#039; debt-GSDP ratio improves in FY10-12: Icra&#039;,
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-PTI&lt;br /&gt;
&lt;br /&gt;
Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.&lt;br /&gt;
&lt;br /&gt;
While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.&lt;br /&gt;
&lt;br /&gt;
Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.&lt;br /&gt;
&lt;br /&gt;
The report is only for 12 general category states, the agency said.&lt;br /&gt;
&lt;br /&gt;
On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&amp;quot; it added.&lt;br /&gt;
&lt;br /&gt;
The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&amp;quot; it said adding states need to improve guarantee monitoring systems.&lt;br /&gt;
&lt;br /&gt;
The report further says states&#039; market borrowings have emerged as the dominant source of fund raising in recent years.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The states&#039; net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&amp;quot; the report added.&lt;br /&gt;
&lt;br /&gt;
It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.&lt;br /&gt;
&lt;br /&gt;
The report, however, notes that &amp;quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&amp;quot;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Economic Times, 19 February, 2013, http://economictimes.indiatimes.com/news/economy/indicators/states-debt-gsdp-ratio-improves-in-fy10-12-icra/articleshow/18579706.cms&#039;,
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-PTI

Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.

While states like Kerala,...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;br /&gt;&lt;br /&gt;Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.&lt;br /&gt;&lt;br /&gt;While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.&lt;br /&gt;&lt;br /&gt;Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.&lt;br /&gt;&lt;br /&gt;The report is only for 12 general category states, the agency said.&lt;br /&gt;&lt;br /&gt;On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.&lt;br /&gt;&lt;br /&gt;&amp;quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&amp;quot; it added.&lt;br /&gt;&lt;br /&gt;The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.&lt;br /&gt;&lt;br /&gt;&amp;quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&amp;quot; it said adding states need to improve guarantee monitoring systems.&lt;br /&gt;&lt;br /&gt;The report further says states&#039; market borrowings have emerged as the dominant source of fund raising in recent years.&lt;br /&gt;&lt;br /&gt;&amp;quot;The states&#039; net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&amp;quot; the report added.&lt;br /&gt;&lt;br /&gt;It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.&lt;br /&gt;&lt;br /&gt;The report, however, notes that &amp;quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&amp;quot;&lt;/div&gt;&#039;,
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-PTI&lt;br /&gt;
&lt;br /&gt;
Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.&lt;br /&gt;
&lt;br /&gt;
While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&amp;quot; it added.&lt;br /&gt;
&lt;br /&gt;
The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&amp;quot; it said adding states need to improve guarantee monitoring systems.&lt;br /&gt;
&lt;br /&gt;
The report further says states&#039; market borrowings have emerged as the dominant source of fund raising in recent years.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The states&#039; net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&amp;quot; the report added.&lt;br /&gt;
&lt;br /&gt;
It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.&lt;br /&gt;
&lt;br /&gt;
The report, however, notes that &amp;quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&amp;quot;
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-PTI

Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.

While states like Kerala,...&#039;
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Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
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Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
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-PTI

Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.

While states like Kerala,..."/>
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                <strong>States&#039; debt-GSDP ratio improves in FY10-12: Icra</strong></h1>
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                <div align="justify">-PTI<br /><br />Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.<br /><br />While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.<br /><br />Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.<br /><br />The report is only for 12 general category states, the agency said.<br /><br />On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.<br /><br />&quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&quot; it added.<br /><br />The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.<br /><br />&quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&quot; it said adding states need to improve guarantee monitoring systems.<br /><br />The report further says states' market borrowings have emerged as the dominant source of fund raising in recent years.<br /><br />&quot;The states' net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&quot; the report added.<br /><br />It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.<br /><br />The report, however, notes that &quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&quot;</div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ff8a7b79ea0-trace').style.display = (document.getElementById('cakeErr67ff8a7b79ea0-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67ff8a7b79ea0-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ff8a7b79ea0-code').style.display = (document.getElementById('cakeErr67ff8a7b79ea0-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ff8a7b79ea0-context').style.display = (document.getElementById('cakeErr67ff8a7b79ea0-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67ff8a7b79ea0-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
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</span></span></code></pre><pre id="cakeErr67ff8a7b79ea0-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
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-PTI&lt;br /&gt;
&lt;br /&gt;
Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.&lt;br /&gt;
&lt;br /&gt;
While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.&lt;br /&gt;
&lt;br /&gt;
Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.&lt;br /&gt;
&lt;br /&gt;
The report is only for 12 general category states, the agency said.&lt;br /&gt;
&lt;br /&gt;
On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&amp;quot; it added.&lt;br /&gt;
&lt;br /&gt;
The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&amp;quot; it said adding states need to improve guarantee monitoring systems.&lt;br /&gt;
&lt;br /&gt;
The report further says states&#039; market borrowings have emerged as the dominant source of fund raising in recent years.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The states&#039; net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&amp;quot; the report added.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
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-PTI

Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.

While states like Kerala,...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;br /&gt;&lt;br /&gt;Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.&lt;br /&gt;&lt;br /&gt;While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.&lt;br /&gt;&lt;br /&gt;Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.&lt;br /&gt;&lt;br /&gt;The report is only for 12 general category states, the agency said.&lt;br /&gt;&lt;br /&gt;On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.&lt;br /&gt;&lt;br /&gt;&amp;quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&amp;quot; it added.&lt;br /&gt;&lt;br /&gt;The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.&lt;br /&gt;&lt;br /&gt;&amp;quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&amp;quot; it said adding states need to improve guarantee monitoring systems.&lt;br /&gt;&lt;br /&gt;The report further says states&#039; market borrowings have emerged as the dominant source of fund raising in recent years.&lt;br /&gt;&lt;br /&gt;&amp;quot;The states&#039; net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&amp;quot; the report added.&lt;br /&gt;&lt;br /&gt;It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.&lt;br /&gt;&lt;br /&gt;The report, however, notes that &amp;quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&amp;quot;&lt;/div&gt;&#039;,
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&lt;br /&gt;
Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.&lt;br /&gt;
&lt;br /&gt;
While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
&amp;quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&amp;quot; it added.&lt;br /&gt;
&lt;br /&gt;
The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&amp;quot; it said adding states need to improve guarantee monitoring systems.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
&amp;quot;The states&#039; net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&amp;quot; the report added.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
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-PTI

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While states like Kerala,...&#039;
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Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
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-PTI

Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.

While states like Kerala,..."/>
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                <strong>States&#039; debt-GSDP ratio improves in FY10-12: Icra</strong></h1>
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                <div align="justify">-PTI<br /><br />Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.<br /><br />While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.<br /><br />Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.<br /><br />The report is only for 12 general category states, the agency said.<br /><br />On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.<br /><br />&quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&quot; it added.<br /><br />The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.<br /><br />&quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&quot; it said adding states need to improve guarantee monitoring systems.<br /><br />The report further says states' market borrowings have emerged as the dominant source of fund raising in recent years.<br /><br />&quot;The states' net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&quot; the report added.<br /><br />It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.<br /><br />The report, however, notes that &quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&quot;</div>               </font>
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-PTI&lt;br /&gt;
&lt;br /&gt;
Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.&lt;br /&gt;
&lt;br /&gt;
While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.&lt;br /&gt;
&lt;br /&gt;
Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.&lt;br /&gt;
&lt;br /&gt;
The report is only for 12 general category states, the agency said.&lt;br /&gt;
&lt;br /&gt;
On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&amp;quot; it added.&lt;br /&gt;
&lt;br /&gt;
The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&amp;quot; it said adding states need to improve guarantee monitoring systems.&lt;br /&gt;
&lt;br /&gt;
The report further says states&#039; market borrowings have emerged as the dominant source of fund raising in recent years.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The states&#039; net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&amp;quot; the report added.&lt;br /&gt;
&lt;br /&gt;
It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.&lt;br /&gt;
&lt;br /&gt;
The report, however, notes that &amp;quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&amp;quot;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Economic Times, 19 February, 2013, http://economictimes.indiatimes.com/news/economy/indicators/states-debt-gsdp-ratio-improves-in-fy10-12-icra/articleshow/18579706.cms&#039;,
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-PTI

Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.

While states like Kerala,...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;br /&gt;&lt;br /&gt;Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.&lt;br /&gt;&lt;br /&gt;While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.&lt;br /&gt;&lt;br /&gt;Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.&lt;br /&gt;&lt;br /&gt;The report is only for 12 general category states, the agency said.&lt;br /&gt;&lt;br /&gt;On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.&lt;br /&gt;&lt;br /&gt;&amp;quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&amp;quot; it added.&lt;br /&gt;&lt;br /&gt;The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.&lt;br /&gt;&lt;br /&gt;&amp;quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&amp;quot; it said adding states need to improve guarantee monitoring systems.&lt;br /&gt;&lt;br /&gt;The report further says states&#039; market borrowings have emerged as the dominant source of fund raising in recent years.&lt;br /&gt;&lt;br /&gt;&amp;quot;The states&#039; net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&amp;quot; the report added.&lt;br /&gt;&lt;br /&gt;It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.&lt;br /&gt;&lt;br /&gt;The report, however, notes that &amp;quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&amp;quot;&lt;/div&gt;&#039;,
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-PTI&lt;br /&gt;
&lt;br /&gt;
Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.&lt;br /&gt;
&lt;br /&gt;
While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.&lt;br /&gt;
&lt;br /&gt;
Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.&lt;br /&gt;
&lt;br /&gt;
The report is only for 12 general category states, the agency said.&lt;br /&gt;
&lt;br /&gt;
On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&amp;quot; it added.&lt;br /&gt;
&lt;br /&gt;
The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&amp;quot; it said adding states need to improve guarantee monitoring systems.&lt;br /&gt;
&lt;br /&gt;
The report further says states&#039; market borrowings have emerged as the dominant source of fund raising in recent years.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The states&#039; net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&amp;quot; the report added.&lt;br /&gt;
&lt;br /&gt;
It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.&lt;br /&gt;
&lt;br /&gt;
The report, however, notes that &amp;quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&amp;quot;
&lt;/div&gt;&#039;,
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-PTI

Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.

While states like Kerala,...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;br /&gt;&lt;br /&gt;Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.&lt;br /&gt;&lt;br /&gt;While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.&lt;br /&gt;&lt;br /&gt;Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.&lt;br /&gt;&lt;br /&gt;The report is only for 12 general category states, the agency said.&lt;br /&gt;&lt;br /&gt;On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.&lt;br /&gt;&lt;br /&gt;&amp;quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&amp;quot; it added.&lt;br /&gt;&lt;br /&gt;The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.&lt;br /&gt;&lt;br /&gt;&amp;quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&amp;quot; it said adding states need to improve guarantee monitoring systems.&lt;br /&gt;&lt;br /&gt;The report further says states&#039; market borrowings have emerged as the dominant source of fund raising in recent years.&lt;br /&gt;&lt;br /&gt;&amp;quot;The states&#039; net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&amp;quot; the report added.&lt;br /&gt;&lt;br /&gt;It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.&lt;br /&gt;&lt;br /&gt;The report, however, notes that &amp;quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&amp;quot;&lt;/div&gt;&#039;
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-PTI

Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.

While states like Kerala,..."/>
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                <strong>States&#039; debt-GSDP ratio improves in FY10-12: Icra</strong></h1>
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                <div align="justify">-PTI<br /><br />Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.<br /><br />While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.<br /><br />Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.<br /><br />The report is only for 12 general category states, the agency said.<br /><br />On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.<br /><br />&quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&quot; it added.<br /><br />The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.<br /><br />&quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&quot; it said adding states need to improve guarantee monitoring systems.<br /><br />The report further says states' market borrowings have emerged as the dominant source of fund raising in recent years.<br /><br />&quot;The states' net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&quot; the report added.<br /><br />It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.<br /><br />The report, however, notes that &quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&quot;</div>               </font>
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-PTI<br />
<br />
Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.<br />
<br />
While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.<br />
<br />
Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.<br />
<br />
The report is only for 12 general category states, the agency said.<br />
<br />
On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.<br />
<br />
&quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&quot; it added.<br />
<br />
The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.<br />
<br />
&quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&quot; it said adding states need to improve guarantee monitoring systems.<br />
<br />
The report further says states' market borrowings have emerged as the dominant source of fund raising in recent years.<br />
<br />
&quot;The states' net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&quot; the report added.<br />
<br />
It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.<br />
<br />
The report, however, notes that &quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&quot;
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-PTI

Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.

While states like Kerala,...',
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-PTI<br />
<br />
Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.<br />
<br />
While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.<br />
<br />
Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.<br />
<br />
The report is only for 12 general category states, the agency said.<br />
<br />
On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.<br />
<br />
&quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&quot; it added.<br />
<br />
The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.<br />
<br />
&quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&quot; it said adding states need to improve guarantee monitoring systems.<br />
<br />
The report further says states' market borrowings have emerged as the dominant source of fund raising in recent years.<br />
<br />
&quot;The states' net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&quot; the report added.<br />
<br />
It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.<br />
<br />
The report, however, notes that &quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&quot;
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-PTI

Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.

While states like Kerala,...'
$disp = '<div align="justify">-PTI<br /><br />Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report.<br /><br />While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts.<br /><br />Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added.<br /><br />The report is only for 12 general category states, the agency said.<br /><br />On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments.<br /><br />&quot;This would worsen the leverage levels of those states whose discoms participate in this scheme,&quot; it added.<br /><br />The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds.<br /><br />&quot;Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government,&quot; it said adding states need to improve guarantee monitoring systems.<br /><br />The report further says states' market borrowings have emerged as the dominant source of fund raising in recent years.<br /><br />&quot;The states' net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis,&quot; the report added.<br /><br />It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks.<br /><br />The report, however, notes that &quot;an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place.&quot;</div>'
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States' debt-GSDP ratio improves in FY10-12: Icra

-PTI Financial performance of the states with relation to indicators of debt servicing such as debt as a proportion to revenue receipts and gross state domestic product (GSDP) has improved between 2009-10 and 2011-12, says an Icra report. While states like Kerala, Gujarat, Punjab, Rajasthan and West Bengal remain relatively more indebted, Karnataka, Odisha and Chhattisgarh have displayed a superior performance in 2011-12 in terms of their debt relative to revenue receipts. Chhattisgarh, Haryana and Maharashtra are the least indebted states in relation to the size of their GSDP within the sample, the report added. The report is only for 12 general category states, the agency said. On the proposed debt recast of state discoms by the Centre, the report said the entire magnitude of liabilities restructured will initially be guaranteed by their respective governments. "This would worsen the leverage levels of those states whose discoms participate in this scheme," it added. The report also said while there had been a few instances of invocation of guarantees in the recent years, concerns prevailing regarding the impact of devolvement of such commitments on the health of state governments in the future due to the inadequate buffers created through guarantee redemption funds. "Given the substantial fiscal deficit position of most of the states, if guarantees devolve, the states would have to provide funds for honouring the same within the annual borrowing ceiling set by the central government," it said adding states need to improve guarantee monitoring systems. The report further says states' market borrowings have emerged as the dominant source of fund raising in recent years. "The states' net borrowings through state development loans (SAL) rose a steep 53 per cent in FY12 and a further 22 per cent in April-December 2012 on a year-on-year basis," the report added. It also says monetary easing would lower the yields, boosting their attractiveness in the coming year. The report also pointed out that the sharp rise has been absorbed by market participants because of eligibility of such securities for maintenance of statutory liquidity ratio by banks. The report, however, notes that "an increased sensitivity of lenders to the credit-worthiness of states would create a market-enforced mechanism to ensure fiscal discipline by the states, complementing the institutional mechanisms already in place."