Among pressing problems of backward states in India, indebtedness undoubtedly occupies the first place. In many respects, the debt problems of the backward states like Manipur are financial reflection of the more deeply rooted inconsistencies of the development process, which are generating imbalances on an even larger scale and deepening the gap between the north-eastern states and the rest of the states. Since the constituent states of the Indian Union are highly heterogeneous in terms of economic size, there is a need for state-specific assessment of debt sustainability status. Therefore, we need to have a closer look into the magnitude, composition, trends and its changing natu
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