Almost on the verge of bankruptcy, the Mamata Banerjee Government is once again raising a whopping Rs 3,000 crore from the market taking the total amount borrowed in the current fiscal to Rs 32,000 crore, Finance Department sources said.
The Government’s heavy borrowing comes against the backdrop of sustained attack Chief Minister Mamata Banerjee’s sustained attack on the erstwhile left Front Government for sponging heavily during its three-decade tenure that literally pushed the State on the verge of a debt trap, sources said.
Bengal, along with Bihar is the highest borrower among the 16 States that will raise money from the market on Monday.
Incidentally, State Finance Minister had already gone on record telling the State Assembly that the Government will borrow Rs 44,484 crore in the coming 2017-2018 fiscal.
Curiously when the Finance Minister was asked as to why the Government will borrow an additional Rs 12,000 crore in the next fiscal the Chief Minister intervened saying, “The Government will borrow in order to meet the rising expenses. In any case you don’t have to bother about borrowings that we will take care of.”
From 1950 till 2011 when the Trinamool Congress Government came to power Bengal had an accumulated debt of Rs 1,92,000 lakh crore that the Chief Minister had often referred to as a major reason why she was finding it difficult to run the Government.
“We have to give away a huge amount of money from as interest for the previous loans taken by the earlier Government which is why I cannot take many developmental measures. Still we are trying to make the both ends meet,” she said.
However, ever since the Trinamool came to power in the State the Government has borrowed a whopping Rs 186,074 crore in the past six years.