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West Bengal: In the red with a Rs 40,000-cr black hole

There’s this shocking CAG account of a state that mismanages its finances, breaches limits for borrowing and provides loan guarantees t...

There’s this shocking CAG account of a state that mismanages its finances, breaches limits for borrowing and provides loan guarantees to its units before gobbling the money they borrow. It’s a state whose units regularly get their accounts wrong or simply forget to furnish them. It’s also a state ruled by one party for over 20 years.

The Revival Package

Rs 40,000 cr: The money pumped into West Bengal units by successive Central governments over the last 10 years

The Real Story

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50: No. of government companies in West Bengal — out of 65 — where accounts haven’t been updated for upto 15 years. Of these, at least 10 haven’t prepared their accounts since inception

25: No. of state undertakings — out of the 40 checked — which had understated their losses. Eight had overstated profits

Rs 704 cr: Accumulated loss till 1999 of 18 units that continue to remain sick though the state’s been trying to revive them since setting up an Industrial Reconstruction Department in 1973

Read Full story: Follow the example of the champions

First published on: 05-07-2004 at 02:41 IST
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