Article 282 accords financial autonomy in spending the financial resources available with the states for public purpose. gives liberty to states to borrow without any limit to its ability for its requirements within the territory of India without any consent from the Union government. However, Union government can insist for compliance of its loan terms when a state has outstanding loan charged to the consolidated fund of India or an outstanding loan in respect of which a guarantee has been given by the Government of India under the liability of consolidated fund of India.