Finance Commission to address West Bengal's debt restructuring demand

The commission has taken a serious note of the expectation of the state government and will explore possible ways within our mandate."

Published: 18th July 2018 12:33 AM  |   Last Updated: 18th July 2018 12:33 AM   |  A+A-

West Bengal CM Mamata Banerjee (Photo | PTI)

By Express News Service

KOLKATA: The 15th Finance Commission Chairman NK Singh on Tuesday said the panel would explore all possible ways to look into the demand of West Bengal for restructuring of debt as demanded by the Trinamool Congress government led by Chief Minister Mamata Banerjee.

Speaking at a press conference at state secretariat Nabanna on Tuesday after holding meeting with the Chief Minister, the 15th Finance Commission chairman said, "I think the state government has brought out very forcefully the need for the Finance Commission to look at the legacy issue of debt overhang.

The commission has taken a serious note of the expectation of the state government and will explore possible ways within our mandate."

"The economy of West Bengal has made enormous progress over the past few years in terms of key macroeconomic parameters such as GDP growth, debt management, enhancement of own tax revenue and looking at innovative ways of financing. The state has made significant strides in several human development indices, including education and health," Singh observed.

During its two-day visit of the state that began on Monday, the 15th Finance Commission met political parties, urban local bodies and state officials along with Chief Minister Mamata Banerjee.

Since the past few years, the Chief Minister has been urging the Centre to lower the debt burden of the state blaming the debt crisis on the former Left Front government. We had a detailed discussion with the Commission and we expect the commission to consider our debt restructure proposal or debt waiver," she said. 

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