Maharashtra Assembly Elections 2019: As Devendra Fadnavis concludes term, state's debt stands at ₹4.71 lakh crore

However, despite the outstanding amount reaching a high point, State Finance Minister Sudhir Mungantiwar has said that they have only given loan to selected companies

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As Maharashtra Chief Minister Devendra Fadnavis' term comes to an end, the state government has been burdened under a debt of ₹4.71 lakh crore. When Fadnavis became the CM in 2014, the state was under a debt of ₹1.8 lakh crore. However, on a positive note, the state's Gross State Domestic Product (GSDP) has increased in the last five years.

Meanwhile, the debt for Maharashtra state government reached ₹4.71 lakh crore by June 2019. Further, the state government will also be receiving ₹43,000 crore from banks who have approved the loan for a program. Previously during FY 2016-17, the government had approved a loan of ₹7,305 crore and by the end of FY 2017-18, the approved loan amount had reached ₹26,657 crore.

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The Fadnavis-led government had also approved a loan of ₹19,016 crore for Mumbai Metropolitan Region Development Authority's (MMRDA) Mumbai Trans-Harbour Link and Metro-4 project. Recently, the Maharashtra government had given a nod to providing a loan of ₹4,000 crore for the prestigious Nagpur Expressway project.

However, despite the outstanding amount reaching a high point, State Finance Minister Sudhir Mungantiwar has said that they have only given loan to selected companies. He also added that the assistance has been offered to public companies for public welfare projects which are essential for development.

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