Back to the future

We are back in the season of debt write-offs and recast by the central government. Farmers and state government-owned electricity boards know that they can borrow freely from the market and from banks because when the lenders find their burden too onerous, the central government is sure to come with a bailout. The government has now announced a “restructuring” of the R1.9 lakh crore of SEB debt. Seven states accounting for 80% of these debts have joined the scheme.

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