MUMBAI – MAHARASHTRA – INDIA AUGUST 05 , 2011 05 . 00 P. M.
Did we know..
Once the country’s premier state ~ Maharashtra is fast slipping into a vicious debt trap, according to latest report of Comptroller and Auditor General for the year ended 31 March 2010. Financially the state is in utter mess on account of indiscipline and mismanagement.
What alarms the CAG is mounting debts over years had not deter the state to stay away from profligacy. Words like “injudicious” occur often in the report. To cite how worse the state’s finances are, the CAG says just to clear 19 per cent of its mounting debts and service charges on it, Maharashtra would be raising more funds and debts until March 2017 as the state’s commitments on repayments of debts and loans will be Rs.14,764 crore between 2013-15 and further Rs 15,086 crore in 2015-17.
The CAG has severely criticized financial indiscipline and wasteful expenditures by the state year after year. The report makes separate mention of how erstwhile chief minister Mr Ashok Chavan heaped largesse on the Nanded district central cooperative bank violating Reserve Bank of India‘s guidelines and strong indictment by NABARD (National bank of agriculture and development) in its special inspection report. Nanded is Mr Chavan’s home district. The bank with negative net worth was given Rs 118.50 crore by then CM. The funds had gone down the drain.
[ This article , written by Mr. Avinash Mishra on August 04 , 2011 , is reproduced here verbatim . I express my profound gratitude . ]
MUMBAI – MAHARASHTRA – INDIA
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