Burdened with a debt of R2 lakh crore, Mamata Banerjee?s West Bengal government will look for ?alternative directions?.
The new government is busy preparing a road map to pull the state out of ?financial ill-health?, Amit Mitra, the new finance minister, told FE soon after the first Cabinet meeting. Late on Friday night, however, Mitra had to be hospitalised with abdominal pain. He is recovering at Belle Vue Clinic, with doctors saying he is stable.
After the cabinet meeting, Mitra hinted at ?major steps in the path of correction and regeneration?. Just after being sworn in as finance minister, Mitra said, ?I am learning (about) the probable alternative directions we may take over time.?
While Mitra did not want to go into the specifics of the state?s financial conditions and probable alternative directions, he said, ?We are aware of the massive debt.?
The seventh Left Front government has already raised about R5,500 crore in the last 45 days by issuing bonds at a higher interest rate.
Mitra said he will lay the ground work for Mamata before she starts negotiating with the Centre for a special financial package. ?We will be evaluating what those parameters are and presenting it to the chief minister. She will decide how to go about it,? he said.
