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Falling From The High Skyscrapers

Falling From The High Skyscrapers
outlookindia.com
-0001-11-30T00:00:00+0553
Maharashtra, once the abode of prosperity, is now plummeting towards penury. According to the World Bank’s latest study, the state’s economic growth rate has fallen below that of even Rajasthan and Haryana. The state has five and three times more poor than Punjab and Haryana respectively. Its debts stand at Rs 74,000 crore and its repayment record is faltering. The credit rating agency, Crisil, recently downgraded several of the state’s bond programmes to default status.

Undeterred, the government has guaranteed loans worth Rs 85 crore to 47 sick sugar cooperatives controlled by politicians. This despite guarantees worth Rs 1,800 crore granted to cooperatives over the years being declared as bad debts.

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