The coalition Government named as the "Lokshahi Aghadi" also hinted at hard measures in a bid to revive the state economy and fulfill aspirations of people of the state. The Government will complete the assessment of present financial mess and reveal it in next couple of days.

The Chief Minister Vilasrao Deshmukh told reporters after the maiden cabinet meeting of newly sworn-in ministers that there are enough indications that the state was heading towards bankruptcy. "The state is under tremendous burden of loans taken by the previous government. Various development schemes like Krishan Valley development, road and flyover projects, drinking water schemes have already been brought to a standstill for want of funds," he said.

Deshmukh, who was later joined by the deputy Chief Minister Chhagan Bhujbal, said that his Government would not release any white paper on the financial situation, but reiterated that it would give a correct picture to the people. "The assessment of the state economy will be done in next 10 days," he added.

Deshmukh said that the common minimum programme of the Lokshahi Aghadi Government comprises of various promises made in separate election manifestos by the partners in the government.

Deshmukh said state cabinet also cleared the blueprint of the Governor's address for both the houses of state legislature on October 22. He informed that the Governor's address would comprise policy statements of the Lokshahi Aghadi government, based on the common minimum programme.

Bhujbal said that the Government has stayed various policy decisions mainly related to contracts, allotment of plots, hike in diesel and petrol prices, the Rs 500 crore reconstruction of Bombay District Development Chawl Scheme and others taken by the Sena-BJP alliance Government before the implementation of election model code of conduct and during its relaxation till the beginning of counting. He added that all these decisions would be thoroughly reviewed.

Earlier, a 28-member Congress-Nationalist Congress Party-led multi-party ministry, headed by Deshmukh, took over the reins of administration in Maharashtra with the Chief Minister inducting 12 cabinet ministers and 14 ministers of state on Tuesday.

At a simple function at Raj Bhawan on Tuesday afternoon, Governor PC Alexander administered the oath of office and secrecy to 12 cabinet-rank ministers--six from Congress, five from NCP and one from Peasants and Workers Party (PWP) and 14 ministers of state.

Surusingh Naik, Patangrao Kadam, Hussain Dalwai, Ashok Chavan, Jayavantrao Awale and Shivajirao Moghe (all Congress), Padamsinh Patil, Vijaysinh Mohite-Patil, Madhukar Pichad, Ajit Pawar and Vikramsinh Patankar (all NCP) and Ganpatrao Deshmukh (PWP) were sworn-in as cabinet ministers.

The state ministers who were sworn-in included Vasudha Deshmukh, Kripashankar Singh, Rajendra Darda and Chandrakant Shiwarkar (all Congress), Vimal Mundada, Hemant Deshmukh, Sunil Tatkare, NP Hirani and Rajendra Shingne (all NCP), Nawab Malik (Samajwadi Party), Minakshi Patil and Mohan Patil (PWP), Dada Jadhavrao (JD-secular) and Surekha Khumbare (RPI-Gavai).

The swearing-in ceremonies of Deshmukh and Bhujbal were conducted on Monday.

It must be mentioned here that political heavyweights such as former ministers like Ranjit Deshmukh, Rohidas Patil and Shivajirao Deshmukh (all Congress) failed to get berths in the Deshmukh-led cabinet following lack of approval by the party high command.