There is an unexplained excess spending or saving in various state government accounts running up to Rs 2.55 trillion, as per their audit reports. This has not happened overnight but has been building up over the past few years.
To put the number in perspective, it is much more than a quarter of what the states will borrow at Rs 8.97 trillion from the markets in FY21. The cost of both, excess spending or savings, is essentially borne by the citizens through lower interest earnings on their investments, since banks that lend to states make provisions on these loans to adjust their ...
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