Bengal faced with massive financial crisis, says Governor

"The new Government is facing a financial debacle of gigantic proportions. I expect the new government will come up with a white paper on the financial status of the state in due course."I am sure the Government will attempt to face this challenge squarely and restore the financial health of the state."

Narayanan was speaking in his customary inaugural speech of the budget session of the Assembly.He informed that the new government has inherited a massive debt burden.It is also faced with a major revenue and fiscal deficit besides being burdened with a huge amount of unpaid bills.

Added to this was the severe under-provisioning of the budget, the governor said.
“The debt burden has already reached Rs 1,85,660.47 crore on March 31, 2011 and is estimated to go up to a staggering Rs 2,03,488 crore during the course of this year," the governor said.

It was also found that revenues projected for 2010-11, as per the revised estimate, were highly overestimated, while the expenditure appeared to have been understated significantly.