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India’s power bailout depends on states clearing utility dues

India economy Government bill Coronavirus
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Indian states, which want to tap $11.9 bn of credit offered by the Union government, must plan first how to pay ₹1.17 trillion of outstanding bills Indian states, which want to tap $11.9 billion of credit offered by the federal government, must plan first how to pay ₹1.17 trillion ($15.5 billion) of outstanding bills, according to people with knowledge of the matter.

The provinces planning to avail the program need to provide a timeline for payment of pending power bills and subsidies. Failure to comply will result in penal interest charges on the loan being offered by state lenders Power Finance Corp.

Ltd. and its unit REC Ltd., the people said, asking not to be identified citing rules. The states will also have to guarantee the loan

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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